One-Time Most Expensive House for Sale in America Will Be Auctioned Amid Bankruptcy Proceedings
A Bel-Air mega mansion is being auctioned for a bargain — comparitively.
The famed 'The One' estate — which was once listed for $500 million and dubbed the most expensive house for sale in America — will now hit the auction block at the much lower price of $295 million dollars.
The property's developer Nile Niami and his company Crestlloyd filed an agreement in U.S. Bankruptcy Court in December to auction off the 105,000-square-foot estate to help pay back creditors the $180 million that he spent on the property, according to the Los Angeles Times.
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After nearly 10 years in development, the still-incomplete home designed by Paul McClean will be sold to the highest bidder in February, if Niami's attempts to stop the sale are not successful.
In a promotional video, Niami explained he plans to create a cryptocurrency called "The One Coin" that would be backed by the home. After the tokens are purchased and traded, the value of the house would transfer to the coin. He would then rent out the home for weddings and other special events. Coin holders would receive a piece of the profit, according to the Times.
"What I'm suggesting is taking something like the Mona Lisa and giving the world the right to own it. Instead of sitting in a museum, it'll have a thousand different uses," Niami claimed.
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If the sale proceeds, "The One" would become one of the most expensive homes ever sold at auction. Aaron Kirman of Compass, who is co-listing the property with Branden Williams and Rayni Williams of The Beverly Hills Estates, called it, "the most significant purchase in the world."
"While in 2021, digital properties like NFTs grabbed headlines for monumental one-of-kind-sales, 2022 brings us back to the physical world with The One — a real estate property unmatched in size, scale, safety and triumphant design," Kirman said in a statement.
The property features 21 bedrooms and 49 bathrooms and is surrounded on three sides by a moat.
It also includes a nightclub, beauty salon, wellness center with a jogging track, four-lane bowling alley, movie theater, five pools, wine cellar and a 30-vehicle garage with two "car display" tables according to Dirt.
The house is still not finished but will be sold "as is." It will take an estimated 12 months and $10 million to complete the home.
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Niami first purchased the 8-acre plot for "The One" in 2012 for $28 million. He then began building the modern home with plans to sell the property.
Bidding in the no-reserve auction is set to take place from Feb. 7-10.