$500 Million Mega-Mansion With 50-Car Garage Could Be Yours at a Discount

The One is currently the most expensive house in the entire U.S., a vanity project on such a scale that it almost boggles the mind of average-salaried folks. It is in exercise in opulence and shamelessness, masquerading as the house of the future, a sustainable abode for a larger family looking to entertain 900-person parties (900 is not a typo). As it so happens, with its 50-car auto gallery, it could also be a car collector’s dream come true.

If you’re that car collector, The One could be yours. The Los Angeles Times reports that there’s a chance that it will list at auction in January 2022, with a starting price of $250 million, exactly half of its presumed worth.

The One has a history almost as fascinating as the fact that it exists. Designed by architect Paul McClean, it is the work of developer Nile Niami, the self-titled king of mega-mansions. Situated on a hilltop in exclusive Bel-Air, it is the largest mega-mansion that was ever built – and also the last of its kind, because California capped buildings of this size right after Niami secured the permits.

Spread across 105,000 square feet (9,755 square meters) of living space and three floors, The One offers nine bedrooms, including the master bedroom, which is actually a separate unit within the compound. Everything inside is blown up to scale, from the number of water features (seven, including a moat going around the estate, for when you want to cosplay a knight in shining armor), to the nightclub, movie theater, garage, and other insane amenities.

A car collector, for instance, would have space for his entire collection in the cavernous garage. It is equipped with two turntables and climate control, and can easily fit 50 automobiles inside. Niami’s initial plan was to offer the mansion with a packaged garage, a little quirk that became his trademark with his previous but less expensive developments. When he asked $500 million for The One, he probably realized putting McLarens, Rolls-Royces and Bugattis in the garage would have meant exactly zero chances of securing a buyer.

Not that he found one otherwise. The price dropped as the project neared completion, long after Niami abandoned the idea of a packed garage. Today, The One is still not complete; the aforementioned media outlet says that it’s $10 million away from completion, but that it will sell as-is, so that the future owner can customize it at will. Assuming it sells for $250 million or more, whoever buys it will have to bring their own fleet of collectibles. Maybe Rick Ross is reading this.

Other impressive features of The One include the 50-person movie theater, a spa and wellness area, beauty salon, a nightclub with water seats, wine cellar, cigar and candy rooms, golf putting green on the roof, and a four-lane bowling alley. The his and hers walk-in wardrobes are larger than an average bedroom; heck, even the shower is larger than a room in many city apartments, and they’re decked in the most extravagant, rare and expensive materials. Add to this numerous art pieces, seven pools, state-of-the-art appliances, and you see why Niami was hoping to secure $500 million for it.

The problem with Niami’s dream was that he borrowed heavily to build it, and then defaulted on those loans. Last September, the house went into receivership, which was second best to foreclosure for the lenders and their hope that they might recoup some of their $165+ million investment. Until then, Niami had hoped to make some money by using the venue for pay-per-view boxing matches, concerts and reality shows, but nothing came out of those plans.

Niami’s company Crestlloyd is now hoping to list the mega-mansion at auction. Apparently, in the small group of people who can afford to spend this kind of money on a home, there is mild interest in a purchase like The One. Aaron Kirman of Compass, star of the CNBC reality show Listing Impossible, which focuses on seemingly impossible to sell mansions and mega-mansions, is in talks to come on board to provide expertise.

If you have an hour to kill, the two videos at the bottom of the page offer a good appreciation of the scope of the project. A completely unrestrained and outrageous project that makes even luxury homes seem poor by comparison.