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.
— Los Angeles Times
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.
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 have been your best bet to buy it are pulling out.”
UPDATE: Fashion Nova founder and CEO Richard Saghian has confirmed with the LA Times that he is in fact the sole buyer of the property. The 40-year-old founded the now $1 billion online retail giant in Los Angeles County in 2006 and will reportedly add to his collection of high-end real estate in the area, which includes the former Malibu home of Netflix CEO Ted Sarandos.
4 Comments
Eat the rich
And then what?
Burp.
Eat the rich *
* But not the ones who donate heavily to politicians I agree with
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