Eager mega mansion hunters will have to hold their bids a little longer, as the notorious L.A. build dubbed “The One” is getting a delayed auction start.
After earlier reports that the property would go up via Concierge Auctions this month, the auction house has now delayed opening bids until Feb. 28. No reason was provided for the delay.
Following news that it’s owner, developer Nile Niami, defaulted on more than $100 million in loans and debt, word came that Niami filed for bankruptcy in October and that the home was headed for auction.
According to Bankruptcy Court proceedings, Niami’s Crestlloyd will hire two luxury home sellers to list the Bel property at $295 million. The L.A. Times reports that Aaron Kirman of Compass and the Williams & Williams Estates Group are in talks to hold the listing.
Still under construction, plans for the 105,000 square foot home call for 20 bedrooms, seven pools, a 50-car garage and six elevators. Additional amenities reportedly include a large library, cigar room, candy room, a 10,000-bottle wine cellar, nightclub, a four-lane bowling alley, 50-seat movie theater, a putting green, gym, salon, juice bar and tennis court.
Once marketed at $500 million, initial bankruptcy papers valued the home at $325 million. Since then, Inman reports the home has dropped in value to $295 million.