America’s priciest palace - a 105,000-square-foot Bel-Air megamansion with five swimming pools, a 30-car garage, a bowling alley and a ‘philanthropy wing’ for charity galas - has been put on the market for a whopping $295 million.
However, the infamous White Elephant estate - which took eight years to build and was once priced at $340 million - has been a titanic money pit since going on sale and falling into foreclosure last year, and will be put up for auction in February if it doesn't sell quickly.
If sold for the asking price, the opulent property, garishly branded 'The One,' would boast the biggest price tag in U.S. history, surpassing the cool $238 million hedge-fund billionaire Ken Griffin dropped on a Manhattan penthouse in 2019.
America’s priciest palace - a 105,000-square-foot Bel-Air megamansion with five swimming pools, a 30-car garage, a bowling alley and a ‘philanthropy wing’ for charity galas - has been put on the market for a whopping $295 million
The 21-bedroom, 42-bath property was put on the market again Friday after falling into foreclosure last year, after its developer declared bankruptcy
The infamous White Elephant estate - which took eight years to build and was once priced at $340 million - has been a titanic money pit since going on sale and falling into foreclosure last year, and will be put up for auction in February if it doesn't sell quickly
But if sellers fail to hock the mega-house by next month, it will likely end up going to the highest bidder, sellers say - which could leave the man behind the mammoth manse in the red.
'It’s a modern masterpiece,' said Branden Williams, of The Beverly Hills Estates, who is shilling the property along with Aaron Kirman of the Aaron Kirman Group at Compass.
'It’s four acres at the top of a mountain in Bel-Air, and it can never be built again,' the seller asserted as the property was listed for the second time on Friday.
If sold for the asking price, the opulent property, garishly branded 'The One,' would boast the biggest price tag in US history
A view of the four-lane bowling alley at The One. The megamansion was placed into receivership late last year
The opulent property boasts five swimming pools, situated both inside and outside the shopping-mall-sized complex
With that said, Hollywood producer-turned-developer Nile Niami, 53, who set out on building the house in 2013 with the help of 600 contracted workers, probably wishes it never was.
During its construction, the home was billed by Niami as the 'biggest and most expensive modern home in America.'
What's more, the ex-Hollywood exec reportedly was convinced he could secure an asking price of $500 million for the impressive estate - a prediction that would leave the the producer of films like The Patriot and Point Blank hopelessly disappointed.
Niami hired renowned architect Paul McLean and interior designer Kathryn Rotondi to bring his vision to life on five acres in the hills overlooking Los Angeles, but cost overruns left him in massive debt to the tune of $180 million.
Niami, known as 'The King of LA mega-mansions,' filed for Chapter 11 bankruptcy protection for his Crestlloyd company in October, after he defaulted on a $106 million debt owed to Hankey Capital.
The palatial estate was subsequently placed into receivership - a form of foreclosure - last year after being listed for $340 million in January of that year. At that point, the home was pulled from auction, after ten months on the market.
If sellers fail to hock the mega-house by next month, it will end up going to the highest bidder, sellers say
The home also houses its own built-in movie theater, which boasts plush leather seats and a massive HD projector
A view of the dining room with 10,000 bottle wine cellar at 'The One'- a 105,000 square-foot mega mansion in Bel Air
'It’s a modern masterpiece,' said Branden Williams, of The Beverly Hills Estates, who is shilling the property along with Aaron Kirman of the Aaron Kirman Group at Compass
A view of the women's walk-in closet in the 4,000-square master bedroom with private pool at The One
Following the foreclosure, the sale of the home was subsequently blocked until November 29. It finally made its return to the market on Friday -
