According to various reports, the winning bidder for the estate known as The One'' was a mere $126 million, or a total of $141 million when auction costs and commissions are factored in.
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The winning bidder for the 21-bedroom estate at 944 Airole Way has not been identified, but the sale price is believed to be the highest-ever auction price paid for a home. The sale is still subject to approval from a bankruptcy court judge, with a hearing set for later this month.
According to Concierge Auctions, which managed the sale, The 105,000-square-foot estate is the largest and grandest house ever built in the urban world.'' The property includes five pools, a nightclub, salon and spa, along with a 10,000-square-foot sky deck, 400-foot private outdoor running track and a movie theater.
The estate, which is still incomplete, sprawls across nearly 4 acres, and it includes 42 full bathrooms and seven half-baths.
More SoCal malls combat decline of retail industry by adding housing
More SoCal malls combat decline of retail industry by adding housing
The project was borne by developer Nile Niami, who once boasted it would sell for as much as $500 million.
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According to the Los Angeles Times, the sale price falls well short of the $190 million in debt carried by the property, meaning creditors are likely to take some heavy losses.