The Lavish Estate Was Listed For $500 Million But Sold For Much Less

By Dolores Quintana

The mansion that was hyped as one of the biggest, most expensive and most luxurious in the world sold for a quarter of its list price. The One mega-mansion was originally listed for sale at auction for $500 million but sold to an unnamed buyer for a paltry $126 million as reported by The Real Deal.com and The Wall Street Journal. 

Located in one of Los Angeles’ most exclusive neighborhoods, Bel Air, at 944 Airole Way, the mansion was the talk of the real estate market for years. It is a 105,000-square-foot mansion built on four acres of land. The estate was supposed to come with such amenities as a jellyfish aquarium, a casino that would be designed to look like the ones you might find in Monaco and an infinity pool that would stretch 180 feet. 

The development’s ambition fell victim to cost overages and setbacks which led to an investor filing a foreclosure suit. The developer Nile Niami decided to file for bankruptcy in an attempt to save his investment. The bankruptcy filing from Niami’s company Crestlloyd revealed that while they considered the value of the property to be $325 million, the project’s financial liabilities were around $190 million. 

It was around this time that the developer dropped these wild ideas and decided to add a “philanthropy wing” to the home, but the development already had a 30 car garage, 20 bedrooms, five swimming pools, a beauty salon, a bowling alley and a gym. That list isn’t even every amenity that the estate has, by the way. 

When the auction was finally held, only five interested buyers were there to bid. The new owner is from Los Angeles and considers the estate “an investment”. Since the mansion was sold without a certificate of occupancy, the buyer will have to spend a lot of money to complete the building and get the permits to allow people to occupy it. 

We know this because the building was inspected by Vertex, a construction consulting firm, in 2021, the company found a number of architectural planning issues in the home’s design and permit issues. 

The One actually comes in third place in the ranking of the most expensive homes in the United States. The most expensive was an apartment in Manhattan at 220 Central Park South, in an area known as Billionaire’s Row in 2019 and the apartment sold for about $238 million. Number two on the list was an estate in Malibu which sold for $177 million.

in News
Related Posts

(Video) Legacy, Reimagined: Architecture, Design & Construction by Home Front Build Los Angeles

July 2, 2025

July 2, 2025

Go To Homefrontbuild.com For More Information @home_front_build Legacy, Reimagined: Architecture, Design & Construction by Home Front Build Los Angeles Go...

(Video) Gladstone’s Malibu Prepares for Reopening after Surviving Palisades Fires

July 2, 2025

July 2, 2025

With One Half of its Structure Slightly Charred and Undergoing Repairs, Gladstone’s Malibu is Reopening its Patio Space Just in...

Col. Eric Swenson Honored by LA for Historic Debris Removal Effort

July 2, 2025

July 2, 2025

Swenson, with a distinguished military background including a Ph.D. and multiple master’s degrees from Penn State and other institutions, has...

More Commercial Uses Could Be Coming to RAND Building

July 2, 2025

July 2, 2025

Amendment Unlocks New Opportunities, Secures $5.5 Million in Community Benefits The Santa Monica Planning Commission unanimously approved an amendment to...

(Video) ‘World’s Strongest Man’ Champion Pulls Big Blue Bus for 30 feet

July 1, 2025

July 1, 2025

World-class strongman Martins Licis pulled a 34,680‑pound, 35-feet long, battery electric bus through the Pier to set off Pier 360...

Proposed Rebuilding Authority for Wildfire Recovery Sparks Local Control Debate

July 1, 2025

July 1, 2025

Plan Aims to Streamline Rebuilding but Raises Questions Over Community Input A proposed “Resilient Rebuilding Authority” to oversee recovery from...

Marquez Students Rebuild Robots Destroyed in Fire, Shine at National and World Competitions

July 1, 2025

July 1, 2025

Community and Coaches Rally Behind Young Innovators Elementary students from Marquez Charter Elementary School rebuilt their robots after they were...

Second Victim Killed Alongside LAPD Sergeant in Brentwood 405 Crash Identified

July 1, 2025

July 1, 2025

Authorities Confirm Garcia, 34, Died at the Scene, GoFundMe Launched  Authorities have identified the civilian who was killed alongside a...

Why Nordstrom Says It’s Closing Its Santa Monica Place Location

July 1, 2025

July 1, 2025

A Nordstrom spokesperson explained the closure as a strategic realignment Nordstrom confirmed its decision to close its Santa Monica store...

People are Using Palisades for “Disaster Tours.” Local Officials Are Trying to Stop Them

June 30, 2025

June 30, 2025

A new motion introduced to City Council requests a coordinated strategy from LADOT, the Los Angeles Police Department, and the...

LAUSD Approves $604 Million Plan to Rebuild Fire-Damaged Palisades Schools

June 30, 2025

June 30, 2025

The reconstruction, set to conclude by the end of 2028, aims to restore facilities for approximately 3,620 students across the...

Free Virtual Planetarium Shows Coming to SMC in July

June 30, 2025

June 30, 2025

The virtual format is in place as construction of the new SMC Planetarium and Observatory nears completion The Santa Monica...

Six-Bed Mar Vista Hilltop Home Under Construction Lists for $5.3M

June 30, 2025

June 30, 2025

The private backyard is complete with a pool, spa, fire pit, built-in BBQ, and areas for outdoor dining A stunning...

(Video) Getty Villa Reopens Six Months After Dodging Destruction of Palisades Wildfires

June 29, 2025

June 29, 2025

With the reopening also comes a new exhibit, “The Kingdom of Pylos” Getty Villa Reopens Six Months After Dodging Destruction...

Three-Bed Palisades Highlands Townhouse Hits Market for $1.7M

June 29, 2025

June 29, 2025

The Mediterranean-style property, located at 1529 Michael Lane, is part of a 71-unit community A remodeled 1,919-square-foot townhouse in the...