[imagesource: Mark Angeles]

They’ve been marketing ‘The One’, a Los Angeles giga-mansion that has been touted as America’s most expensive home, for years now.

Ballsy property developer Nile Niami, hoped to sell the whopper for $500 million, even though it hasn’t been complete for ages.

There is currently still 12 months of work to do on the property.

The One faced a rather embarrassing turn of events when it went into receivership (basically property foreclosure) after Niami couldn’t pay more than $165 million in loans and debt back.

The 105 000-square-foot home (which is twice the size of the White House, by the way), was then expected to be relisted at a far lower price so as to pay off all those debts.

At that stage, nobody was sure that the sale would bring in nearly enough to cover all of the cash owed.

Behold, the debt-generating giga-mansion:

Finally, the Bel-Air beauty is being listed at $295 million on the open market, reports Forbes.

That is until it is auctioned off by Concierge Auctions, an online auction marketplace (from February 28 to March 3), without reserve, AKA to the highest bidder.

Image: Marc Angeles

The most expensive home sold in the US is owned by billionaire hedge fund tycoon Ken Griffin, who broke the record in 2019 with his $238 million New York penthouse.

That said, even if The One sells close to the price it’s listed at, it is still likely to break records.

The 3,8-acre property has a lot to offer a willing investor, with outdoor features including a moat of water on three sides of the home, five pools, a 10 000-square-foot deck, and a 400-foot outdoor running track.

Image: Joe Bryant

More means way more over at the 21-bedroom, 42-bathroom home with unobstructed 360-degree views:

“What we have learned from the pandemic is that a home is one of the most important aspects of life,” [Aaron Kirman of Compass and Branden and Rayni Williams of The Beverly Hills Estates partnering with Concierge Auctions] says.

“The property provides an extravagant life, where one doesn’t need to leave their home. It has everything one can imagine, including five swimming pools; a wellness center with a juice bar; large salon and spa; game rooms; bars; bowling alley; a full-size theater; golf simulator;  rooftop; cigar lounge;  a charity pavilion or special event space; and numerous other astonishing amenities.”

Those other amenities include a putting green, 10 000-bottle wine cellar, tennis court, and even a nightclub.

It’s nauseating:

Image: Joe Bryant

Besides basically pulling off all that extravagance (despite the aforementioned hiccups), another thing Niami got right was squeezing the construction in before the anti-mansionisation laws were passed in Los Angeles.

Anyway, he will be waiting with bated breath until his baby sells without reserve by March 3.

[source:forbes]