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The Auction of $126 Million – See the Biggest Modern US House

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The Auction of $126 Million – See the Biggest Modern US House

By Graham Shear
4 weeks ago
In Business

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The property is known as The One Bel Air and sold at auction for $126 Million last year.

Marc Angeles

It was listed on Concierge auctions from February 28th to March 3rd 2022.

a partial view of mansion The One Bel Air

The property is a 10 year-old project from Nile Niami, a film producer who has become a real estate developer.

an aerial view of a white mansion, The One Bel Air, and its pools, surrounded by hills and green grass

Initial plans by Niami were to sell it for $500 million. This would have made it one the most expensive homes worldwide.

an aerial view of a white mansion, The One Bel Air, and its pools

However, the home was plagued with delays, construction difficulties, and overruns. It was eventually placed in receivership by a court and later declared bankrupt.

a sprawling white mansion, The One Bel Air, sits atop a short green hill

It was listed for $295million in January 2022, making this the most expensive US home at the time. However, this marked a sharp discount of the $500 million Niami wanted to purchase for the home.

green grass and a moat at mansion The One Bel Air

The home was placed up for auction because no buyers were interested. Although the highest bid was $126million, the auction premium and commission fees brought it closer to $141million.

an aerial view of mansion The One Bel Air surrounded by hills and grass

The bidder? Richard Saghian, Fashion Nova’s billionaire CEO.

Richard Saghian, Fashion Nova founder and CEO

Source: Business Insider

Concierge Auctions stated that the sale was more than twice the highest US auction sale and nearly half the world record.

an aerial view of white mansion The One Bel Air, surrounded by hills and trees

Here’s a closer view of what Saghian got in return for his $141 million purchase:

a white building and young palm trees at mansion The One Bel Air

A sculpture by Simone Cenedese, an Italian glassmaker, can be found in the sprawling yard of the mansion.

a blue and purple sculpture of wings in front of green grass and a white building at mansion The One Bel Air

Here is the main entrance.

a white building and walkway at mansion The One Bel Air

…in a room with two stories that can serve as a library, office or both. It also has its own balcony.

a black and white room overlooking a pool in mansion The One Bel Air

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