Billionaires Only: Bidding to Open for LA Mega-Mansion ‘The One’

Billionaires Only: Bidding to Open for LA Mega-Mansion ‘The One’

Los Angeles hilltop estate known as “The One.” It’s an auction pretty much limited to billionaires: a sale of the biggest U.S. mega-mansion, the troubled Los Angeles hilltop estate dubbed “The One.”

Almost three dozen potential buyers — all showing evidence they can afford the project — have toured the grounds in the six weeks since the property appeared on the multiple listing service with an asking price of $295 million. About half of the visitors flew in from overseas, real estate agents said.

To read more articles based on your personal financial goals, answer these 3 questions that will tailor your reading experience.

Bidders can begin submitting offers on Feb. 28, with the auction hammer scheduled to bang on March 3.

“This is a property for a billionaire for sure,” said Chad Roffers, president of Concierge Auctions, which is overseeing bidding. “Probably a multibillionaire.”

The project , in the deluxe Bel Air district, has been a decade in the making, with 21 bedrooms, 49 baths, five swimming pools, a bowling alley and a 30-car garage. The massive mansion — offering jaw-dropping views from downtown LA to the Pacific Ocean — can’t be duplicated because of size restrictions imposed in 2015, after the initial permits were issued.

The developer, Nile Niami, once floated a $500 million price tag for the estate. His firm last year filed for the bankruptcy that set up the auction. Niami, who’s also a movie producer, declined to comment on the auction.

Last year was a good one for U.S. mansion sales . With stock markets soaring, at least 40 homes trading for more than $50 million and eight going for over $100 million, according to appraiser Miller Samuel Inc. Among the costliest deals was the $177 million purchase of a Malibu, California, beachfront estate by venture capital investor Marc Andreessen and his wife, Laurie Arrillaga-Andreessen.

To show they’re serious, qualified bidders for “The One” must deposit $250,000, provide proof of funds and agree to waive contingencies on the property, which still doesn’t have a certificate of occupancy. They also must agree to pay Concierge’s fee of 12% of the purchase price.

The property has a fraught history and this is the first time it has officially been listed for sale. The deal will require final court approval, assuring the auction raises enough to pay roughly $200 million in creditors’ bills, according to David Golubchik, the attorney representing Niami’s bankrupt firm, Crestlloyd LLC. There’s no official minimum bid. Pool at “The One.” Members of Middle Eastern royal families, high-net-worth Asians and U.S. tech billionaires have all toured the estate, according to Aaron Kirman , a Beverly Hills agent who shares the listing with the husband-and-wife team of Branden and Rayni Williams .

“We’ve had multiple CEOs of major corporations,” said Kirman, who stars in the reality TV series “Listing Impossible.” “Most are looking for personal use.”

Click here to view original web page at