Archinect - News

Bel Air 'The One' megamansion — once aiming for half-billion-dollar listing price — sells at bankruptcy auction

2022-03-07T12:03:00-05:00

The mega-mansion known as “The One” sold Thursday for $126 million at a bankruptcy auction. That’s a huge discount from its $295-million listing price, even with a 12% auction fee bringing the total to about $141 million. Concierge Auctions, which handled the sale, said its auction site drew views from 170 countries, including Australia, the United Kingdom, Germany, France and Italy — and generated some 2,800 prospects.

Developer Nile Niami had said during its construction that he hoped to someday see the 105,000-square-foot megamansion sell at a price point around $500 million. The One eventually went into default and was last seen in October when it was placed under receivership by the county.

Previously on Archinect: $500 million Bel Air megamansion defaults on $165 million debt, enters receivership

The LA Times reported that only five bidders from the United States and New Zealand participated in the auction and that the name of the buyer, which could very easily be a limited liability corporation, will be released Tuesday via a required entry before U.S. Bankruptcy Court judge Deborah Salzman. At least one area realtor speculated that the dearth of interested buyers came as an indirect result of Russia’s invasion in Ukraine.

“The buyer pool for this is very small,” Compass’ Brent Change told the paper, “and with everything happening in Russia, all of a sudden those Russian billionaires who may...

$500 million Bel Air megamansion defaults on $165 million debt, enters receivership

2021-09-09T15:32:00-04:00

A Los Angeles megamansion once expected to list for $500 million has gone into receivership after the owner defaulted on more than $165 million in loans and debt, according to court filings. The 105,000-square-foot Bel Air estate, known as “The One,” was placed into receivership by the Los Angeles County Superior Court and is expected to be relisted at a lower price in the coming months, according to people familiar with the property.

In July, the Los Angeles County Superior Court named Ted Lanes of Lanes Management as receiver, who is now tasked with preparing "The One" for sale and selling it to recoup debts owed to lenders. The megamansion is expected to be listed on the market in the coming months once Lanes secures the proper permits and certificate of occupancy. The price and timing haven’t been determined yet, said Lanes.

Previously on Archinect: The half-billion-dollar Bel Air giga-mansion is still looking for a buyer

“What I would love to see happen is that the house gets completed, the certificate of occupancy is awarded, and we have an orderly sale that maximizes the value,” Lanes shared. “Hopefully, there will be sufficient proceeds from the sale to fund the secured and unsecured creditors and for the equity to realize some value.”

As stated by CNBC, it’s currently unclear whether "The One" will sell at a high enough price to pay off all the debt.

How did we end up with all these Megamansions?

2021-03-01T16:58:00-05:00

While American single-family home prices have continued to rise in the midst of the pandemic, and we mere mortals hit “fave” on six-digit Zillow listings we’ll never afford, the rich are getting richer—and that includes celebrities who shell out millions on megamansions, an unofficial term traditionally used for any home over 10,000 square feet, and sometimes limited to those over 20,000.

Writing for VICE, Ashley Spencer dives into the history of the garishly large homes of America's 0.1 percent.

Jeff Bezos buys LA's most expensive property for record $165 million

2020-02-13T14:11:00-05:00

Amazon Chief Executive Jeff Bezos, the world’s wealthiest person, has purchased a Beverly Hills mansion known as the Warner Estate from media mogul David Geffen for $165 million, a source familiar with the deal said on Wednesday.

The hefty price tag of the new abode for Bezos and his girlfriend Lauren Sánchez is believed to be the highest amount ever paid for a home in the Los Angeles area — even beating the recent record-setting transaction of Bel Air's Chartwell mansion which sold for a meager $150 million.

The Wall Street Journal reports that Bezos also purchased three New York apartments earlier this year at an estimated value of $80 million.

In 2018, the Amazon founder and Washington Post owner also bought this historic 27,000-square-foot D.C. mansion and, according to Washingtonian, hired Barnes Vanze Architects to renovate the "25 bathrooms, 11 bedrooms, five living rooms/lounges, five staircases, three kitchens, two libraries/studies, two workout rooms, two elevators—and a huge ballroom."

Bezos won't be cash-strapped for too long after acquiring these 9.4 acres of prime Beverly Hills real estate. As The Verge calculated, his $131.9 billion net worth makes this purchase the equivalent of spending $75...

Bel Air 'Chartwell' mansion sells for $150M, now the priciest home in California

2019-12-12T14:35:00-05:00

Some know it as “The Beverly Hillbillies” mansion, others as Chartwell. Now, it has a new name: California’s chart-topper. The Bel-Air residence of late media mogul A. Jerrold Perenchio has sold for the highest price in California history, about $150 million. The buyer is Lachlan Murdoch, son of Rupert Murdoch and co-chairman of publishing company News Corp., The Times has confirmed.

The spacious estate at 875 Nimes Road in Bel Air, also known as "The Beverly Hillbillies" mansion from the 1960s TV show, finally changed owners for an undisclosed amount, which sources familiar with the deal told the LA Times, was around $150 million.

While the deal would easily beat the previous California record setter, the 123-room Spelling Manor which sold for $120 million in July this year, the Chartwell selling price still comes in roughly $200 million under the original $350 million asking price for which the property came up for sale in 2017—and considerably lower than the $238 million penthouse in the Robert A.M. Stern-designed 220 Central Park South luxury condo tower in New York City, the most expensive home ever sold in the U.S.

Contested Bel Air megamansion may soon be gone as city wants it 'torn down to its foundation'

2019-11-08T16:29:00-05:00

Los Angeles city prosecutors are calling for an unfinished mega-mansion in Bel-Air to be torn down to its foundation, the latest twist in the saga over a colossal building at the center of criminal charges, court battles and an FBI investigation. [...] last week, City Atty. Mike Feuer and his prosecutors stepped up their demands, saying that a structural engineer had found that key structures supporting the building were deficient.

"Hadid pleaded no contest two years ago to criminal charges tied to the mammoth, unfinished building, which prosecutors said was much bigger than city rules allowed and included bedrooms, decks and even an IMAX theater that the city said were never approved," reports the Los Angeles Times.

Calls for the complete demolition of the embattled Bel Air megamansion first erupted in June when former construction manager Russell Linch accused the building's owner, celebrity developer Mohamed Hadid, of bribing a Los Angeles Department of Building and Safety inspector to 'overlook' building code violations.

56,000 square foot Spelling Manor sells for $120 million, setting new California record

2019-07-03T15:42:00-04:00

After nearly four years on the market and a few sizable price cuts, a 123-room Holmby Hills mansion known as The Manor has sold for $120 million, making it the most expensive home sold in LA County. The seller is Formula One racing heiress Petra Ecclestone, who bought The Manor from Candy Spelling in 2011, paying $85 million in cash. She gave the home a flashy makeover, adding a nightclub in the basement and tanks for exotic fish.

$120,000,000 is the new record to set in the California real estate market, and the home to beat is the infamous Spelling Manor in Holmby Hills.

Outdoor fountain at Spelling Manor.

The 56,000 square foot home was originally built in the 1980s for TV producer Aaron Spelling and his wife Candy Spelling. With 14 bedrooms and 27 bathrooms, the home is one of the largest in the country. It sits on 4.7 acres of land that includes a swimming pool, a tennis court, a bowling alley, a screening room, a barber shop and several other unusual amenities.

Screening Room in Spelling Mansion.

The purchase has exceeded that of the $117.5 million home in Woodside sold to Softbank CEO Masayoshi Son in 2012. But with few homes as large and as well located as Spelling Manor, the record may be unbroken for years to come.

New safety and corruption concerns over Bel Air megamansion: 'entire house must be demolished,' says former construction manager

2019-06-20T15:23:00-04:00

The mammoth, unfinished mansion on Strada Vecchia Road in Bel-Air has long been at the center of controversy, investigations and legal battles. Its developer, Mohamed Hadid, pleaded no contest to criminal charges after prosecutors accused him of building a house far bigger than allowed. [...] And investigators have looked into possible wrongdoing by a city building inspector scrutinizing the house.

Looks like the legal drama over the gargantuan on-again/off-again under-construction Bel Air megamansion by celebrity developer Mohamed Hadid is entering a new act: Russell Linch, the contested project's former construction manager, has come forward this week and accused a Los Angeles Department of Building and Safety inspector of allegedly accepting perks in exchange for 'overlooking' building code violations.

"Because I believe the piles are inadequate to support the house, I believe the house is unsafe and that the entire house must be demolished," Linch added in his declaration.

'Ultra-prime' real estate market with $25M+ properties shows no sign of slowing

2018-12-12T13:48:00-05:00

A new report by real estate agency Knight Frank finds that 153 properties in six cities’ “ultra-prime” category sold for a combined total of $6.6 billion in the last year, or an average of $43 million per house. Hong Kong led the world in sales over $25 million, followed by New York, then London.

Market slowdown? What market slowdown? While the real estate sector in the U.S. and certain global regions (looking at you, Brexit-y London) is seeing signs of cooling, including the upper-scale segment, there has been no significant impact on the uppest-scale cream slice of the industry with ultra-luxury properties worth $25 million and up, according to the new study The Global Ultra-Prime Market 2019 from real estate consulting firm Knight Frank.

"Bailey’s team identified 129,730 people on the planet with more than $50 million in investable assets in 2017," reports Bloomberg. "They saw consistent participation from those individuals in the ultra-prime market in just 17 geographic sales areas."

$245 million, and America's most expensive listing could be yours

2018-10-30T19:58:00-04:00

The limestone clad mansion in Bel Air owned by the late TV executive Jerry Perenchio just got a price cut. But at $245 million, the commanding French neoclassical residence, which measures 25,000 square feet, is still the most expensive listing on the open market in the U.S. The property, which came up for sale last year for a staggering $350 million, has long been the cream of the crop among high-end estates.

If you happen to have won the $1.6 billion lottery jackpot last week or simply don't know where to stash away all those extra tax-cut savings, here's a sweet dealio for you: the spacious 'Chartwell' Bel Air mansion at 875 Nimes Road was built in 1933 and also appeared in the 1960s TV show The Beverly Hillbillies.

Photo: Jim Bartsch/Hilton & Hyland.

"Features include a Wallace Neff designed 5-bedroom guest house, 75-foot pool with spacious pool house, tennis court, car gallery for 40 vehicles, 12,000 bottle wine cellar and precisely manicured gardens befitting a chateau in France," reads the property description.

Oh, and it's a total steal, too: after being listed for an eye-watering $350 million last year, the asking price has since dropped significantly to a bargain $245 million. Plenty of spare cash left to fill that 40-vehicle car gallery.

California cities have nation's highest density of homes worth over $1M

2018-07-03T14:19:00-04:00

Perhaps it’s not a surprise in a city where residential prices can reach into the stratosphere, but in Los Angeles, more than 17 percent of all homes are valued at over $1 million. What may be more shocking is that L.A. doesn’t have the highest share of million-dollar homes. [...] San Jose and San Francisco were No. 1 and No. 2, respectively. In San Jose, homes valued over $1 million made up 53 percent of the market. San Francisco’s million-dollar-share was at 40 percent.

Other major cities ranked in the new LendingTree survey are New York (4th place with 12 percent market share), Miami (9th, 4 percent), and Chicago (18th, 1.3 percent).

The half-billion-dollar Bel Air giga-mansion is still looking for a buyer

2018-03-05T14:14:00-05:00

The construction of this and other so-called giga-mansions underscores a new gilded age in the United States and especially in LA. [...] The splurge comes amid a housing shortage that has fuelled a homelessness crisis, with 57,000 people without permanent shelter in LA county [...]. The Los Angeles Times columnist Steve Lopez compared the city’s hilltop mansions to giant tombstones marking the death of humility.

The Guardian takes a peek into the world of ultra-luxury real estate developer Niles Niami whose latest endeavor—the sprawling Bel Air hilltop giga-mansion with its four swimming pools, 20 bedrooms, movie theater, and nightly club aptly called The One—frequently makes the news for being America's priciest home. Clocking in at $500m, the property is still waiting for a billionaire buyer.

Hong Kong, London, Los Angeles dominate list of most expensive homes sold in 2017

2017-12-21T15:40:00-05:00

After 2016 smashed records for the planet’s biggest deals, this year was not far behind. There was a noticeable flurry of activity in the aptly named Golden State of California where the rich and famous – and we’re talking the likes of Beyoncé and Jay Z – flocked to snap up a piece of prime LA luxury. But three of the most expensive homes were all inside one development in Hong Kong.

$500,000,000 spec house under construction in LA

2015-11-11T22:29:00-05:00

"Nobody really reads books," Niami says, "so I'm just going to fill the shelves with white books, for looks." Stepping past the nightclub's outdoor lounge area where circular banquettes will seem to float next to a two-story waterfall, he says: "I really think that this house is going to do a lot for L.A. Anybody who lives in the area is going to be proud to be near it."

Go ahead and hate!

About half of the tennis court had to be built on pilings to account for the land's contours. This niche will have a covered viewing area and a fire pit.
The infinity pool for the guesthouse, which, when built, will be 5,000 square feet itself.
The motor court and the main house's entrance hall; a fire display will greet guests as they step inside.
The gigamansion's main guard gate (there will be a separate area, with monitors, for keeping an eye on the whole estate).
The property will be surrounded on three sides by a moat and other water features, which will make the whole thing appear to be floating.
The "sky deck," as Niami refers to it, will have a putting green, a bar, a lounge area, and covered loggias.

This Bel Air home could be yours for a mere half billion dollars (yes, B-illion)

2015-05-28T13:08:00-04:00

One of the biggest homes in U.S. history is rising on a Los Angeles hilltop, and the developer hopes to sell it for a record $500 million. Nile Niami, a film producer and speculative residential developer, is pouring concrete in L.A.’s Bel Air neighborhood for a compound with a 74,000-square-foot (6,900-square-meter) main residence and three smaller homes, according to city records. [...] including a 5,000-square-foot master bedroom, a 30-car garage and a “Monaco-style casino,” Niami said.

Rendering of the "largest home built in the U.S. this century." (Image: McClean Design; via bloomberg.com)

Previously: The Biggest House in the US (according to Curbed) is Now Underway in Bel Air

The Biggest House in the US (according to Curbed) is Now Underway in Bel Air

2014-06-16T19:29:00-04:00

Work is already underway in Bel Air on a megacompound that will include the largest single-family house in the US. The enormous project, at the dead-end of Airole Way above the Bel-Air Hotel, comes from megamansion developer Nile Niami, and is slated to total 85,000 square feet with a 70,000-square-foot main house. [...] The [Los Angeles Business Journal] guesses America's newest mega-megamansion will be listed "in the $150 million-plus range."