By: Coop Daley By: Coop Daley | January 12, 2022 | Home & Real Estate
When it comes to buying houses, one often has to make compromises on the “perfect home" to meet market demands. Should you go for a larger house with no kitchen space? Maybe the condo with the pool but terrible bathrooms? Or perhaps the duplex that boasts three bedrooms but no basement space for the man cave? In any regard, there’s never a perfect house on the market—until now.
The self-proclaimed world’s largest private residence, appropriately nicknamed “The One," will be auctioned off an online site in February, according to multiple sources. The 105,000-square-foot home in Los Angeles is hitting the public market for the first time and is expected to bring in the largest sum ever offered for a property: an estimated $295 million.
See Also: Meet 'The One,' The World's Largest Home, Now For Sale in Los Angeles
Concierge Auctions will host the auction on the agency’s platform from Feb. 7 to 10. The home is so large, it requires multiple agencies, including the Aaron Kirman Group at Compass and Branden and Rayni Williams of Williams & Williams at The Beverly Hills Estates, to sign off on the final deal.
The home was developed by Nile Niami of Crestlloyd, LLC with Orange-based architect Paul McClean, and had been worked on for the past 10 years. It became the subject of public scrutiny in October of 2021 when it was included in a Chapter 11 bankruptcy filing by the company, in order to keep lenders from foreclosing on the property and gain time to reassess the debts; an estimated $180 million, according to the Los Angeles Daily News.
The $295 million is estimated as enough to fulfill the damage and see the project come to fruition, provided they find a willing buyer. "The One" was once valued at $500 million.
There is yet work to be done on the property, including landscaping. While the project is still not complete, there's a chance it will be privately purchased before the auction occurs, although sources indicate this is unlikely at best.
“It could happen, but I fully anticipate to be the case that we’re going to have an auction,” Chad Roffers, president of Concierge Auctions, is tells the Daily News. “All of the stakeholders are very aligned that the right thing to do is to get this property sold quickly and efficiently. The auction is going to produce the highest and best price for this property. It’s a one-of-a-kind, which is why it’s perfectly suited for auction, frankly.”
Architectural triumph may not begin to describe the property, which emulates a small medieval village with its amenities. The main home features an astounding 21 bedrooms and 42 full bathrooms, as well as seven half-baths. There’s also a 7-bedroom staff quarters and 3-bedroom guest house. The main property also comes with the standard two-story library, cigar lounge and 30-car garage.
Nestled by the San Gabriel Mountains, it offers views of both the Pacific Ocean and the city of Los Angeles, and requires entry over a moat on three different sides. Once within, residents can treat themselves to a whirlwind of opportunities, including a 40-seat movie theater, an art gallery, a 500-foot outdoor running track, a four-lane bowling alley, a fully-equipped gym, a 10,000-bottle wine cellar, a full-service salon and spa, a 10,000 foot sky deck, and even a nightclub.
For those interested in the home, in-person showings are available by appointment and bidding will be observed by a representative. Regardless of what final price the home goes for, there will be plenty of eyes observing the bids on Feb. 10.
Photography by: Courtesy of Michael Leonard Courtesy of The SOCIETY Group; Douglas Friedman