Inside America's Most Expensive Home On Sale For $295 Million

A 105,000-square-foot megamansion that sits on top of a mountain in Bel Air, Los Angeles, was listed Friday for $295 million, making it the most expensive listing in the country.

If it gets its asking price, the property, dubbed “The One,” would be the most expensive home ever sold in the U.S., surpassing the $238 million New York City penthouse hedge fund billionaire Ken Griffin purchased in 2019, CNBC reported.

Built on a leveled mountain, “The One” has views of the Pacific Ocean, downtown Los Angeles and the San Gabriel Mountains, according to the outlet.

The property boasts 21 bedrooms, 42 full bathrooms, multiple pools, a nightclub complete with a VIP area, a bowling alley, a 40-seat movie theater, a full-service beauty salon, a 10,000-bottle wine cellar, a 30-car garage and a 400-foot private outdoor running track.

The home also has six elevators, a library, cigar room, candy room, a gym and a tennis court. In addition, the estate comes with a three-bedroom guest house with an infinity pool for guests or staff.

Promoted as the largest and most expensive urban property in the world, “The One” was built by Nile Niami, a Hollywood-producer-turned-developer. It took 10 years to finish the home’s construction.

Niami reportedly spent tens of millions of dollars on “The One,” which he originally hoped to sell for $500 million. His development company Crestlloyd’s debt on the house eventually grew to more than $180 million, according to a Los Angeles Times report.

Niami faced several issues regarding the project's construction, including difficulty in obtaining permits. The home also has more than $2 million in unpaid taxes and invoices to vendors for concrete, air conditioning and scaffolding, according to a CNN report.

The property was listed for $340 million in January last year but was then pulled from the market and placed into receivership—a form of foreclosure.

Due to a bankruptcy agreement signed last month, the home will be sold at an auction, beginning Feb. 7, through Concierge Auctions, unless a buyer makes an offer first.

Sales of properties in Los Angeles priced at $10 million or more doubled in 2021 compared with 2019, CNBC reported, citing Miller Samuel. A report by Barron’s said prices of homes in Bel Air have risen by almost 50% since last year.

Just recently, Brian Armstrong, the billionaire founder and CEO of Coinbase, purchased a mansion in Bel Air for $133 million.