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.
In a strategic election-year manoeuvre, U.S. President Joe Biden has introduced substantial tariff increases on various Chinese goods, aiming to strengthen domestic production in crucial sectors. Although the move is aimed at protecting American labour and businesses from what Biden deems unfair practices, the impact could be huge if Canada follows suit.