The $295-million Bel-Air mansion billed as “The One” was supposed to go up for public auction in time for Valentine’s Day.
Now the luxury auction house in charge of the sale says it won’t pick up the gavel until Feb. 28, three weeks later than planned, according to Inman. Concierge Auctions, based in New York, gave no reason to delay an auction originally scheduled for Feb. 7.
The pause may give more time for real estate developer Nile Niami, who designed the unfinished, 105,000-square-foot mansion in the Santa Monica Mountains, to draw investors to what’s described as “the largest and grandest house ever built in the urban world.”
On the eve of the auction announcement, Niami shared a last-minute offer to turn the giant palace into a money making machine via a new digital currency he dubbed The One Coin.
He suggested lavish events, from weddings to concerts to boxing bouts hosted at the estate supported by a new pay-per-view platform, could cash in on an asset that has plunged in value.
The property was valued at $500 million during construction, $350 million last year and $295 million at auction.
“Hopefully, there’s someone out there that is going to want to walk hand-in-hand with me into the stratosphere,” Niami said during his The One Secrets offer on You Tube. “However, this house will go to auction – and this house will be sold to the highest bidder.”
Bidding for the mega mansion will begin at 7 p.m. EST on Feb. 28, and continue until March 3.
The two-story house, built on 3.8 acres, will feature 21 bedrooms, 42 bathrooms, seven half baths, a nightclub and VIP area, a full-service salon and spa, and 360-degree views of Los Angeles..
Outside, plans call for a 4,000 square-foot guest house, a swimming pool with infinity edges, 10,000-square-foot sky deck, five pools and water features, a 400-foot glass-walled jogging running track, and a moat encircling three sides of the estate, and a 30-car garage.
The project has run into strong financial headwinds, while Niami works to get a deal done after he filed bankruptcy to try to stave off the auction block.
Crestlloyd, a company of Niami’s that owns the home, once agreed to auction off the property in mid-December in order to pay off an estimated $180 million in debt. Debtors include Hankey Capital and Joseph Englanoff. The auction has faced several delays.
Lawrence Perkins, a receiver appointed by the U.S. Bankruptcy Court, unveiled plans late last year to hire brokers to drum up bidders for the auction. He anticipated the unfinished property could sell for $250 million.
Concierge Auctions will receive a 12 percent fee from the highest bidder at its upcoming auction. The property was twice set to go to a court-run receivership auction, only to see those plans canceled.
[Inman] – Dana Bartholomew