A bloated Bel Air, Calif., mansion that began life as a $500 million whisper listing in 2017 is now sinking under a $180 million mountain of debt. It officially hits the market for $295 million on Jan. 10 and will be on the auction block a month later — the latest example of a hyped Los Angeles megamansion that failed to perform.
The 105,000-square-foot residence, from developer Nile Niami, is known as “the One” and is bigger than most office buildings. The listing brokers, Rayni and Branden Williams of Beverly Hills Estates, and Aaron Kirman of Compass, say it’s a once-in-a-lifetime opportunity.
“This house can never be done again,” said Williams.