March 3, 2022 is going to be a day for the record books in the luxury real estate marketplace. The most expensive and opulent home in history is hitting the auction blocks in a no-reserve foreclosure sale after the developer was unable to complete the home.
“The One,” as it is dubbed, has been in the works for the last 10 years, amassing over $180 million of construction debt on a $28 million lot and still lacks about $1 million and another year of construction before it is complete. It is currently on the market for $295 million, down from $500 million before the developer’s trouble started, landing everyone at a no-reserve auction for the property. Sheesh.
The home is perched on a hilltop in Bel-Air, overlooking Los Angeles, ironically just above another ill-fated mansion. Mohamed Hadid’s troubled project that is set for destruction following neighborhood complaints and corner cutting with the permitting office is located just below.
Amassing over 105,000 square feet, “The One” is almost twice the size of The White House. It boasts 21 bedrooms, 42 bathrooms, a theater (which is really a must-have in Los Angeles), 4-lane bowling alley, a nightclub, salon and spa, a sky deck, a six-hole putting green, outdoor running track and a 50-car garage. There are five swimming pools and a moat surrounding the property with 360-degree views of the ocean and Los Angeles. What else could you want?
In order to participate in the auction, buyers will be required to place an immediate deposit of $250,000. While there is no reserve, the guide price is set at $295 million. A buyer’s premium is also payable direct to the auction house of $35.4 million upon winning the auction.
Tomorrow we’ll cover the developer, the financial mistakes he made in the project and how you can avoid a similar situation.
If you would like to review the details on this trophy property and consider bidding, we are happy to assist you in having a smooth transaction. For more info, please reach out to Richard at richard@thelombarigroup.com or (310) 903-6509. We look forward to serving you.