The One: Bel Air’s ‘$500 million home’ to go to auction in March without a reserve price

The most expensive home in America, once predicted to achieve a sale price of $500 million (?369 million), is set to go to auction as part of bankruptcy proceedings.Called ‘The One’ by film producer-turned-property developer Nile Niami, the Bel Air home has been 10 years in the making after Niami’s company Crestlloyd paid $28 million (?20.7 million) for the eight-acre plot in 2012. It is now worth $295 million (or?217 million).
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The One house is up for auction for $295 million. It will go online on March 3. That’s an impressive $205 million (?151m) discount if you consider the original estimate, albeit one predicted by Niami himself back in 2015.If a sale achieves even near to the revised price in March it will be the most expensive home sold at auction and likely set a new US house purchase record — eclipsing that of hedge fund tycoon Ken Griffin’s $238 million (then ?183m) New York penthouse buy in 2019.Agents Williams & Williams at The Beverly Hills Estates and Aaron Kirman of Aaron Kirman Group at Compass are partnering with Concierge Auctions to market the “paradise beyond compare” property.An auction buyer will have to put down an immediate deposit of ?250,000 for the 21-bedroom home which is being offered with the guide price of $295 million but without a reserve.There will also be a buyer’s premium payable direct to the auction house, so were The One house to sell for the guide price an additional $35.4 million (?26m) would be due immediately.Developer owner Nile Niami released a video last month in which he asked investors to back his plan to create ‘The One Coin’ cryptocurrency that would allow him to pay off his lenders and finish the home. The mega mansion would then become available for international launches and events. Investors would also share in the profits. It is being sold “as-is”.