Los Angeles mega-mansion sells for US$141M at auction
BNN Bloomberg
A Los Angeles mega-mansion that was the biggest U.S. home to ever go up for auction sold for US$141 million, including commissions, when bidding closed Thursday.
A Los Angeles mega-mansion that was the biggest U.S. home to ever go up for auction sold for US$141 million, including commissions, when bidding closed Thursday.
The 21-bedroom, 49-bath hilltop estate -- dubbed “The One” -- had a list price of US$295 million. Developer Nile Niami said in 2015 that he would ask US$500 million for the Bel Air property, which also has five swimming pools and a 30-car garage.
The highest offer was US$126 million, according to a spokesperson for Concierge Auctions, which ran the sale. A 12 per cent commission for the auction house boosted the total price to US$141 million -- more than double the previous record for a U.S. home auction, the company said in a statement.
Other auctions of luxury properties have fallen short of asking prices. The Villa Firenze in Beverly Hills, California, fetched US$51 million last year after Concierge Auctions conducted a sale with a US$160 million asking price.
The identity of the top bidder, who was required to sign a non-disclosure agreement, wasn’t immediately available. The sale requires approval by a bankruptcy court judge, with a closing scheduled by March 21, according to a court filing.
“I think the court should approve the amount,” Don Hankey, who court records show is owed US$124 million for loans and advances to the project, said in an email. Hankey said he wasn’t the high bidder, but declined to say whether he entered the auction.
