It’s official. After months of search, Los Angeles’ largest home, “The One” has found a new owner. The sprawling 105,000 square-feet property now belongs to Richard Saghian, CEO of fast fashion brand Fashion Nova. Saghian bought the estate at US$141 million, which included a US$15 million auction premium.
Originally listed at US$500 million, “The One” was developed by Nile Niami. The massive residence took more than ten years to build and incurred massive debt for Niami’s company, Crestlloyd. After multiple delays in payment, the company which owns the property put it into bankruptcy. Despite being put on auction, “The One” still finds it difficult to find interested buyers due to the lack of certificate of occupancy.
“Our goal was to secure US$200 million,” shares Aaron Kirman of Aaron Kirman Group at Compass, who is a co-listing agent for “The One”. “The marketing campaign we did was tremendous and felt around the world from Africa to Oceania and beyond. The main challenge was the lack of certificate of occupancy. Most wealthy people at this level, all they want to bring is their toothbrush.”
“Usually they even buy these homes with art, furniture and cars. Everyone loved the idea and opportunity of the house, but I think the majority of people didn’t want to go through the process of getting the certificate of occupancy.”
However, when it came to the bidding day, only five bidders were present. Kirman further adds that they have even shown the house to more than 40 billionaires worldwide.
Besides having 21 bedrooms and 42 bathrooms, the estate also has five pools, a nightclub, a full-service beauty salon, a wellness spa, a 10,000 square-foot sky deck and a 40-seater Dolby Digital home theatre.
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