Bidding Is Imminent on Infamous ‘The One’ Mansion in Bel Air

After a decade of suspense, this infamous Bel Air mega-mansion is finally about to go to auction and, if it sells anywhere close to its asking price, shatter records as the most expensive U.S. home ever sold. 

Dramatically known as ‘The One,’ this home is in a league of its own at an asking price of $295 million, housing 21 bedrooms and 105,000 square feet of over-the-top opulence. Originally planned to go to auction this year by Valentine’s Day, The One will now open for bidding on February 28 at 7 pm EST via Concierge Auctions. 

Other than being the largest urban home ever built (we’re talking twice the size of the White House), there are so many other wow factors involved that it’s hard to know where to begin. There’s not one but five vast swimming pools that form a sort of moat on three sides of the property. Beyond the infinity edge of the pool-moat situation, there are sweeping 360-degree views of the Pacific Ocean, the glittering city of Los Angeles, and San Gabriel mountains from every single room. Then, of course, there’s the 30-car garage, bowling alley, full-service spa, and private Dolby Digital theater. Oh, and a massive nightclub with a VIP section… just in case the house didn’t feel VIP enough already.

Real estate developer Nile Niami is the mastermind behind the construction of this property– he bought the land for $28 million in 2012, according to Realtor.com. Since then, new ordinances restricting house sizes in 2015 ensure that there will never again be a home built like this one in Los Angeles. Across the ten years of construction on The One, Niami ran into some considerable roadblocks. Most notably, financial trouble. CNN reported last September that the owner defaulted on more than $100 million in loans and debt. Because of this, Niami no longer owns the house as it is in the hands of a third party in receivership. Aaron Kirman of Compass and Branden and Rayni Williams of The Beverly Hills Estates are partnering with Concierge Auctions to market the home.

The pool of potential buyers with millions of spare cash is obviously a small one. This property will almost certainly fall into the hands of a billionaire or even a multi-billionaire. Dozens of potential buyers with proof of funds have toured the property and many of them traveled overseas to consider The One for purchase, Bloomberg reports.