America's largest and most expensive home is set for auction with $400 million price tag

Bids open in just one week for the anticipated auction of a gargantuan property in Los Angeles known as ‘The One’. If the asking price – an eye-popping $411 million (US$295m) – is achieved, it will be crowned the most expensive home ever sold in the USA.

But believe it or not, The One has had a hefty price cut.

The sprawling luxury residence was expected to come to market for $700 million (US$500m) but film producer-turned-developer Nile Niami has been embroiled in a legal battle between lenders, forcing the home into sale.

The project started 10 years ago and suffered a slew of delays and complications, with Niami borrowing over $115 million (US$82.5m) in 2018 from Hankey Capital to continue building.

In March of 2021, Hankey served a notice of default sending the property toward a foreclosure sale. Niami-related limited liability company Crestlloyd LLC then filed for bankruptcy in October to keep the property from foreclosing.

The auction is a result of a Los Angeles court appointing Lanes Management (the other lender) as receiver, who is authorised to prepare the property for the sale to recoup the more than $140 million (US$100m) worth of loans and debt owed by Niami.

The online auction is set for March 3 (after originally being scheduled for February) with Concierge Auctions. Bids open from February 28 at 7pm EST and there is no reserve, meaning the property will go to the highest bidder.

The One sits on 3.8 acres surrounded by a moat on three sides and boasts panoramic views of the Pacific Ocean, downtown Los Angeles and the San Gabriel Mountains.

The huge 32,000sqm home has a whopping 21 bedrooms and 49 bathrooms, with six elevators.

It features luxury additions like five – yes, five – pools, its own massive nightclub and full-service beauty salon, a wellness centre and gym with Technogym equipment, a juice bar and a 10,000-square-foot sky deck.

The mega mansion even has a private jogging track with a glass-walled view of the city and home theatre seating more than 40 people. The compound’s main suite is the size of a large home at 465sqm, with its own private pool and massive walk-in-wardrobe.

There’s a separate three-bedroom guest house with floor-to-ceiling windows, a cigar lounge, a four-lane bowling alley, a putting green, a tennis court, a 10,000-bottle wine cellar and a 30-plus car garage with two car display turntables.

If the home fetches its asking price, it will smash through the previous record for America’s most expensive home, currently held by a $332 million (US$238m) New York condo bought by billionaire hedge fund manager Ken Griffin in early 2019.

For the full listing, click here.