A Bel Air mega-mansion worth $500 million (GBP379m), was sold at auction for only a quarter its original value. Richard Saghian, founder and CEO of Fashion Nova, won the auction with a $126 million (GBP96m) winning bid. He was competing against four other bidders from New Zealand and the United States. Saghian, who confirmed his purchase of the property “once in a life time” in an email statement to the LA Times on Saturday. The ‘The One’ mansion was up for sale as part bankruptcy proceedings. It went to auction with a guide cost of $295 million (GBP224 millions), but no reserve price. Saghian won the auction for $126 million. However, he will pay $141 million in fees. The sale still requires approval by a bankruptcy court judge later this month, and it’s thought that the total debt attached to the property far exceeds the successful $121m bid.Perched on a hilltop overlooking Los Angeles, The One is one of the largest private homes ever built, with a colossal 105,000sq ft of living space — almost twice that of The White House.READ MOREThe One: Bel Air’s ‘$500 million home’ to go to auction in March without a reserve priceCompletely unfinished Hampstead penthouse with no flooring, ceilings or plastering on market for GBP5.2mTwin stucco mansions in Regent’s Park for sale ‘as shell’ on GBP80m terraceThe vast home has been 10 years in the making after film producer-turned-property developer Nile Niami’s company Crestlloyd paid $28 million (GBP21.2 million) for the eight-acre plot in 2012.And although it’s in the process of being sold for less than half of its auction asking price, it has easily set a record for the most expensive home to be sold at auction.It’s thought The One is still around 12 months of work — an estimated $1 million — from completion after the developer defaulted on loans. Saghian would need to make a $250,000 deposit at the auction, but has until March 21st to close the sale. Richard Saghian, the buyer, has until March 21st to close the sale. This still needs to be approved and recorded by a judge in bankruptcy / The Beverley Hills Estates. In December, Niami, the developer released a video asking investors to support his plan to create “The One Coin” cryptocurrency. This would allow him to pay back his lenders and finish his home. Niami stated that the mega-mansion would be rented out to global launches and events and that investors would share in the profits. It still holds the record for California’s largest property deal. Azria, who is also the CEO and creative director of brands Equipment and Joie spent eight years renovating the 10,000 sq ft main home with Florence.
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