World's most expensive house sits unsold as mega-mansion market slumps

The LA mansion known as 'The One'

Nick Allen

April 18 2021 02:30 AM

For years, architects, particularly in Los Angeles, have sought to outdo each other with ever more palatial residences featuring breathtaking infinity pools, in-home cinemas and helipads.

But their time may be up, as the looming foreclosure of the most expensive house in the US has raised questions over whether the country has reached peak mega mansion.

Luxury estate agents call it the “giga-mansion”. Officially called The One, it is the largest and most expensive house in the US and sits on a hill in Bel-Air, with 360-degree views of Los Angeles.

Construction began eight years ago, when the sky seemed the limit for futuristic Bond villain-style lairs, and it was only very recently completed.

Sprawling across 9,800 sq m, it has 21 bedrooms, 42 bathrooms, five swimming pools, a moat, a 50-seat cinema and its own nightclub.

The developer had hoped it would sell for $500m (€420m). Offers have reportedly been nowhere near the asking price, which has now dropped by at least $150m.

America’s mega-mansion market has imploded during the pandemic, with prices slashed in desperation.

It may just be that prices finally got too high, even for the super-rich.

For the richest of the rich, though, the upsizing continues. Jeff Bezos, the Amazon founder, last year bought an LA home for $165m, a record for the city, from David Geffen, the music mogul.