A 105,000-square-foot mansion in Bel Air, Calif., dubbed “The One,” could become the most expensive property to sell in the U.S. when it hits the auction block next month, CNN.com reported. The hillside property, which spans over a sprawling 3.8 acres, has been listed at $295 million, with an online sale held February 7 to 10 via Concierge Auctions. From its elevated perch, the home boasts 360-degree ocean and alpine views as well as ones of downtown Los Angeles.
Taking around a decade to complete, The One is being marketed as the first and only residence of its size in Los Angeles, thanks to new regulations passed in the city during its development that now limit the size of single-family homes, to reduce the number of so-called megamansions being developed. The property’s developer, Nile Niami, aimed “to build one of the finest properties across the globe,” Kirman said. But bringing the property to market has not been without its issues. CNN reported this past September that the property’s value was once estimated at $500 million, and that the owner defaulted on more than $100 million in loans and debt, according to court documents. Over the summer, the home was placed in court-ordered receivership for complicated real estate deals, an alternative to foreclosure, to pay its debts.
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