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 |
Labels: 'The One', California, Extravagant Excess, Real Estate
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