“The One” was conceived as a once-in-a-generation Bel-Air megamansion, with developer Nile Niami aiming to create the most expensive home in America and originally floating a jaw-dropping $500 million price tag. In reality, the project became a cautionary tale of overreach: years of construction delays, massive debt, and bankruptcy forced a court-supervised sale, and the asking price had already been cut to $295 million before auction.
When it finally sold in 2022, the buyer was Richard Saghian, the CEO and founder of Fashion Nova. He won the auction with a $126 million bid, which rose to $141 million after fees, making it the most expensive U.S. home ever sold at auction at the time, even though it was less than half the later list price and far below the original $500 million dream.
The property, which spans about 105,000 square feet across a main house and three smaller guest houses, is famous for its over-the-top amenities: 21 bedrooms, 42 bathrooms, a primary suite that’s about 5,500 square feet, a 30-car garage with display turntables, a four-lane bowling alley, movie theater, nightclub, hair salon, a philanthropy wing for large events, a Monaco-style casino, five pools, and even a 400-foot jogging track. It was also reported to have a huge skydeck, a putting green, and extremely high operating costs, including a massive HVAC load and very expensive summer cooling.
When it finally sold in 2022, the buyer was Richard Saghian, the CEO and founder of Fashion Nova. He won the auction with a $126 million bid, which rose to $141 million after fees, making it the most expensive U.S. home ever sold at auction at the time, even though it was less than half the later list price and far below the original $500 million dream.
The property, which spans about 105,000 square feet across a main house and three smaller guest houses, is famous for its over-the-top amenities: 21 bedrooms, 42 bathrooms, a primary suite that’s about 5,500 square feet, a 30-car garage with display turntables, a four-lane bowling alley, movie theater, nightclub, hair salon, a philanthropy wing for large events, a Monaco-style casino, five pools, and even a 400-foot jogging track. It was also reported to have a huge skydeck, a putting green, and extremely high operating costs, including a massive HVAC load and very expensive summer cooling.
“The One” was conceived as a once-in-a-generation Bel-Air megamansion, with developer Nile Niami aiming to create the most expensive home in America and originally floating a jaw-dropping $500 million price tag. In reality, the project became a cautionary tale of overreach: years of construction delays, massive debt, and bankruptcy forced a court-supervised sale, and the asking price had already been cut to $295 million before auction.
When it finally sold in 2022, the buyer was Richard Saghian, the CEO and founder of Fashion Nova. He won the auction with a $126 million bid, which rose to $141 million after fees, making it the most expensive U.S. home ever sold at auction at the time, even though it was less than half the later list price and far below the original $500 million dream.
The property, which spans about 105,000 square feet across a main house and three smaller guest houses, is famous for its over-the-top amenities: 21 bedrooms, 42 bathrooms, a primary suite that’s about 5,500 square feet, a 30-car garage with display turntables, a four-lane bowling alley, movie theater, nightclub, hair salon, a philanthropy wing for large events, a Monaco-style casino, five pools, and even a 400-foot jogging track. It was also reported to have a huge skydeck, a putting green, and extremely high operating costs, including a massive HVAC load and very expensive summer cooling.
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