'The One' mansion in Bel Air sets auction record at $126 million

BEL AIR, Calif. (CNS) -- A sprawling mega-mansion in Bel Air was sold at auction Friday -- at less than half the asking price of $295 million.

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.

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.

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The project was borne by developer Nile Niami, who once boasted it would sell for as much as $500 million.

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.
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