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»The One« on a hill in Los Angeles
Photo: Allen J. Schaben/Los Angeles Times via Getty Images
It took a long time, but now the mega luxury property "The One" in Los Angeles has found a new buyer.
The home sold at a foreclosure sale for a record $126 million after the developer went bust.
Originally, he called a list price of $ 295 million for the property, as reported by the Los Angeles Times.
A real estate agent the US newspaper spoke to sees the price achieved as "a cautionary tale."
Builders of such mega-projects could be forced to think smaller in the future.
In recent years, several project developers of such luxury villas have gone bankrupt.
Five bidders took part in the auction
The expert also expressed doubts as to whether the timing of the auction was right in view of the Ukraine war.
“The pool of buyers for such objects is very small, and with everything that is happening in Russia, Russian billionaires are suddenly withdrawing,” he said.
The property was owned by film producer and later real estate developer Nile Niami.
Originally, he wanted to sell it for a whopping $500 million, which would have made it one of the most expensive homes in the world.
Despite the drop in price, the villa is one of the most expensive house sales in California.
According to the Los Angeles Times, the largest sale to date in California was completed in October last year when tech investor Marc Andreessen bought a property in Malibu for $177 million.
According to the report, more than three dozen potential buyers have visited the property in recent months, including billionaires from the Middle East, Asia and California.
The auction house's website had previously received more than 2,800 inquiries from more than 170 countries.
In the end, however, only five bidders from the USA and New Zealand took part in the online auction.
According to Architectural Digest, the property has 21 bedrooms and 42 bathrooms.
There is also a 10,000 bottle wine cellar, 50 car garage, 50 seat cinema, nightclub, cigar room, rooftop terrace, saloon and bowling alley.
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