Making a Statement in Extravagant Poor Taste

An aerial view of 105,000 square foot mansion dubbed "The One."

"We have a very specific client in mind. Someone who already has a $100 million yacht and has seven houses all over the world, in London and Dubai and wherever."

"[There is a library, but no books.] Nobody really reads books. So I'm just going to fill the shelves with white books, for looks."

"It is by far the most important estate project in Los Angeles over the last 25 years and will raise the bar for all other estates built in the city."

""For the $5 million houses, the buyers still needed loans. But when you moved up to $10 or $15 million, it was guys who didn't have to rely on the bank."

Nile Niami, developer of 'The One'

"What level of sanity would allow a house this big to be built, with a huge discotheque?:

"Anything over 20,000 square feet should be considered a commercial project."

Fredric Rosen,  homeowners alliance, Bel-Air, California

"It's one of the ugliest homes I've ever seen."

"Only someone with terrible taste who wants to scream to the world that they're rich [would buy it], and even then, I'm not so sure."

Real estate broker, following property tour

It is billed as the largest, most extravagant, most prestigious house ever built in the United States. Where else but in California? It was meant, on completion, to be a steal at half a billion dollars. A bold new vision in architecture, a sprawling residence that would offer the owners luxury, prestige, comfort, and personal access to their very own range of entertainment facilities; no need to venture outside the confines of the estate to be amused, entertained, engage in sports of any kind.

With 21 bedrooms, invite intimates to enjoy your hospitality. There are 42 full bathrooms. No one would consider buying such a residence reminiscent of an elite holiday resort, unless they're in the multi-billionaire class of the world's uber-wealthy. A platoon of personal service providers in household staff would be required just for daily maintenance, tidying up, replacing linens, cleaning the place. It comes equipped with a 4,000-square-foot guesthouse so you don't need to have your guests underfoot.

 

Rarely do buyers see such elaborate — and quirky — amenities, including a butterfly installation, a beauty salon, a cigar room and a 10,000-bottle wine cellar.

 

The infinity pool stretches 5,000 square feet. There's a sky deck with cabanas, a private theatre, a spa and beauty salon, a nightclub, a putting green, a jogging track and a moat. If there's anything missing the architect would be abashed to have it pointed out. It boggles the imagination to picture oneself living in a 100,000 square foot residence. So much so that at a price tag of $500 million, one could imagine, if they had that much at their disposal, that the residence is a veritable steal.

And is it beautifully appointed, proportionally designed and perfectly finished? How much do you like glass and steel in your architecture, as opposed to say, cut stone, brickwork, millwork, marble and glass? Fancy endless white walls? Spectacular views from the interior of a high-ceilinged expanse of rooms and hallways? It was auctioned off several days ago, and failed to realize the price assigned to it. In fact, it sold for less than the debt hanging over the property.

 

The house is surrounded by a moat on three sides and has a 400-foot-long jogging track that appears to float above Los Angeles.

 

The idea for this spectacularly located and sprawling residence dawned back in 2012 when developer Nile Niami decided he would go big, really big, and wow the moneyed world of the ultra-wealthy with the ultimate cachet of exclusivity. A large plot of land on a hill overlooking the Bel-Air country club was assigned to be the future home of this colossal mansion. Local homeowners of ordinary 10,000 sq-ft mansions failed in their bid to put a halt to the monster being built around their modest multi-million-dollar homes.

Soon rising costs of construction bloated the cost of building 'The One', necessitating the accumulation of financing debt. The property, by the time of auction, had accumulated over $191 million in debt. Building code violations were cited. Health and safety procedures had been bypassed as a result of late cost-cutting measures in the hope of restraining further escalation of building costs. "Unidentifiable bio-organic growth" mould was cited.

The property's swimming pools held intractable algae problems. The marble used in the pool interiors cracked and stained. The anticipation that Russian oligarchs would flock to challenge one another for ownership of the property was never realized once the outbreak of the Ukraine conflict marred expectations. Several  years in from its completion the expansive glass and steel architecture has taken on a dated look.

And so the property sold at auction, going for the bargain basement total of $141 million. Debt holders have no realistic expectation that they will ever recover their investment in the project; leaving the creditors somewhat crestfallen. As for the new owner reputed to be fashion mogul Richard Saghian, he can revel in his new acquisition, but not yet inhabit it. The largest, most expensive home in the U.S. lacks an occupancy permit.

The mega mansion has a 50-car garage and a 10,000-square-foot sky deck with a putting green that offers 360-degree views of the Pacific ocean, Los Angeles and the San Gabriel mountains. Photo: Douglas Friedman