$141M LA Mega Mansion Sale Sets a New Record

It's not often that paying $141M for a home is seen as getting a good deal. But for the buyer who snapped up an LA mega mansion at auction last week, it was.

The ultra-luxurious 105,000-sq-ft Bel Air home, more commonly known as "The One," was originally listed for $295M. But it sold on Thursday for $126M plus closing costs and premiums, bringing the total price just over $141M.

Although it's not the most expensive selling price in US history (a Malibu estate that sold in October for $177M holds that title) it set the record for the most expensive sale ever seen at an auction. It went for more than double the highest US sale at auction and nearly 50% higher than the world record, listing auction house Concierge Auctions said.

The One, built and sold by developer Nile Niami, is dripping in luxury. It has 21 bedrooms, 42 full bathrooms, a 4,000-sq-ft guesthouse, a private theatre, night club, 400-ft running track, five pools, a spa, a beauty salon, and a 10,000 sq-ft sky deck. And if that's not enough, there's also a tennis court, 10,000 bottle wine cellar, bowling alley, putting green, philanthropy pavilion, and 30-car garage with two car display turntables. But interestingly, the home has never been lived in.

Niami, who once wanted to list the property for $500M, experienced several construction delays and never received a certificate of occupancy. His debt on the build began closing in on $200M, roughly $110M of which is owed to billionaire Don Hankey's Hankey Group, according to a notice of loan default filed in March 2021. This means Thursday's sale won't be enough to cover the debt in its entirety.

Specs:

Address: 944 Airole Way
Bedrooms: 21
Bathrooms: 42+7
Size: 105,000 sq ft
Price: $141M
Listed by: Concierge Auctions

The buyer's identity has been revealed to be Fashion Nova founder Richard Saghian, who reportedly beat out four other bidders, including Hankey himself. According to Concierge Auctions, there were 40 showings of the LA mansion and ultimately five bids on it from the US and New Zealand.

"In only 55 days, we secured a strong field of global interest from America to Europe, Asia, and The Middle East, doing exactly what we do best -- finding the most affluent buyers from every pocket of the world," Concierge Auctions President Chad Roffers said in a statement. "We’re thrilled to have broken our own previous world record for the fifth consecutive time, once again breaking the record with a California property, and to make history by selling the largest and one of the most expensive single-residence homes to ever hit the global market.”