Bel Aire Luxury Foreclosure

Inside The Most Expensive Residential Single Family Foreclosure In History

March 3, 2022 is going to be a day for the record books in the luxury real estate marketplace. The most expensive and opulent home in history is hitting the auction blocks in a no-reserve foreclosure sale after the developer was unable to complete the home.

“The One,” as it is dubbed, has been in the works for the last 10 years, amassing over $180 million of construction debt on a $28 million lot and still lacks about $1 million and another year of construction before it is complete. It is currently on the market for $295 million, down from $500 million before the developer’s trouble started, landing everyone at a no-reserve auction for the property. Sheesh.

The home is perched on a hilltop in Bel-Air, overlooking Los Angeles, ironically just above another ill-fated mansion. Mohamed Hadid’s troubled project that is set for destruction following neighborhood complaints and corner cutting with the permitting office is located just below.

Bel-Air Foreclosure
The indoor pool of “The One”

Amassing over 105,000 square feet, “The One” is almost twice the size of The White House. It boasts 21 bedrooms, 42 bathrooms, a theater (which is really a must-have in Los Angeles), 4-lane bowling alley, a nightclub, salon and spa, a sky deck, a six-hole putting green, outdoor running track and a 50-car garage. There are five swimming pools and a moat surrounding the property with 360-degree views of the ocean and Los Angeles. What else could you want?

In order to participate in the auction, buyers will be required to place an immediate deposit of $250,000. While there is no reserve, the guide price is set at $295 million. A buyer’s premium is also payable direct to the auction house of $35.4 million upon winning the auction.

Bell-Air Foreclosure
The formal dining room at The One

Tomorrow we’ll cover the developer, the financial mistakes he made in the project and how you can avoid a similar situation.

If you would like to review the details on this trophy property and consider bidding, we are happy to assist you in having a smooth transaction. For more info, please reach out to Richard at richard@thelombarigroup.com or (310) 903-6509. We look forward to serving you.

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