The world’s most expensive home has finally gone on sale – but it can now be bought with a mega cut-price deal.
Nicknamed “The One,” the LA Super Pad spans 100,000 square feet and offers 21 bedrooms, four pools, a bowling alley, and 360-degree views of Southern California from its prime location in Bel-Air.
Other amenities are said to include a beauty salon and a 45-seat IMAX cinema, which has a garage with space for 30 cars.
13 of the 20 bedrooms are in the main house, including the spacious 5,500-foot master suite, which itself is twice as large as the average American home.
There’s also a running track and at least four swimming pools, not counting moats and an indoor spa.
It’s in such an attractive area that neighbors are said to include Friends star Jennifer Aniston and Tesla boss Elon Musk.
But the property, which was initially valued at $500 million, can now be bought in a discounted deal after the owner is in financial trouble.
as reported by CNBC, the property is buried under enormous debt and $165million in debt.
These include L.A. billionaire Don Hankey of Hanky Capital — who owed more than $115 million to Niamey and served them with a default notice in March — and Yogi Securities Holdings who tied up more than $36 million in The One. .
CNBC also reports that the project leaves air conditioning, concrete and tool companies about $1 million in debt.
This means that the Los Angeles County Superior Court would be required to sell the property at a significantly discounted rate.
Ted Lane of Lens Management, who is now asked to add the final touches to the Super Pad, said: “I would love to see that the house is complete, a certificate of occupancy has been provided and we have an arranged sale. which maximizes the value.
“Hopefully, there will be enough proceeds from the sale to fund secured and unsecured creditors and to realize some value for equity.”
Meanwhile, the mouth-watering interior, which sellers hope will attract potential buyers, has been designed by filmmaker-turned-developer Neil Niami, who has worked on the property for more than seven years.
Until recently, the exact layout and specifications were still kept secret, but photos emerged that show the sheer scale of the sprawling house that it hopes to sell to the highest bidder.
Speaking in an interview last year, he said he said he was “ready to test the market” as he set an eye-watering price.
He added: “When you have something that’s as rare as the Mona Lisa, you can order whatever you want for it.”
The previous record for America’s most expensive home is currently a $238 million penthouse in Manhattan bought by hedge fund billionaire Ken Griffin.
Any figure closer to the $500 million would even eclipse reports of a Chinese tycoon paying $275 million for a mega-mansion in Knightsbridge, London, and the world-record $300 million a Saudi prince paid for a French chateau. did.
The architect behind the project is Paul McClellan, a Hollywood designer whose recent clients have included modern princes and princesses of Bel Air, such as bitcoin billionaire Winklevoss twins and style icon Calvin Klein.
But property expert Jonathan Miller said the home’s attractive features actually make it less marketable.
He told Bloomberg last year: “The problem is that the more features you add, the more you personalize the property.
“Even though the intention is to draw attention to the property, you are also personalizing it, which can reduce the size of the market pie.
“It’s a very small, very tight market.”
Previously another Bel-Air super-mansion that was once the most expensive home for sale in America, it proved problematic to move in spite of its grand designs.
The 38,000-square-foot property called Billionaire was listed by developer Bruce Makowski for $250 million but eventually sold for $94 million in October 2019 with a 62 percent cut.
And a prime plot in Beverly Hills called The Mountain – listed for $1 billion despite being undeveloped – sold at auction in 2019 for $100,000.
Another home dubbed America’s most expensive, a palatial Bel-Air estate where the Beverly Hillbillies were filmed, dropped its $350 million asking price to $160 million.
Developer Niamey has previously campaigned using a semi-nude model clad in gold to advertise another L.A. mansion named Opus, which went on sale in 2017 for $100 million.
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