Owner who wanted £500m for world’s most expensive home to slash price

The Bel-Air home, which covers more than 100,000 sq ft and has 21 bedrooms, will soon be up for sale along with its four pools, bowling alley and 360 degree view over Southern California

The mansion is still likely to fetch a serious price

The world’s most expensive house is on the market at a fraction of its previous price tag.

Dubbed ‘The One’, the preposterously sized property looks more like a mega-hotel than a typical home.

The LA pad is fairly roomy, covering more than 100,000 sq ft and having 21 bedrooms.

Whoever snaffles up the Bel-Air bolthole will not be in short supply when it comes to entertainment.

It has four pools, a bowling alley, a 360 degree view over Southern California, a beauty salon and a 45-seat IMAX cinema.

The owner of ‘The One’ has defaulted on more than $165million in debt

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The property also has a garage with space for 30 cars and plenty of room to store bicycles.

A master suite stretches out over 5,500ft, which is in itself twice as large as the average American home.

Security comes in the form of a moat.

Fortunately for the eye wateringly rich person who ends up buying this massive property, it’s likely to go for a discount.

The home has been buried under $165million (£121million) of debts and loans, reports CNBC.

Nile Niami has been working on the home for years


Nile Niami / Instagram)

LA billionaire Don Hankey is said to have loaned $115million to Nile Niami, who has worked on the property for more than seven years, but has served him with a default notice.

As a result, Los Angeles County Superior Court will require the property to be sold at a significantly discounted rate.

Ted Lanes of Lanes Management, which is putting the final touches on the home, said: “What I would love to see happen is that the house gets completed, the certificate of occupancy is awarded and we have an orderly sale that maximises the value.

“Hopefully, there will be sufficient proceeds from the sale to fund the secured and unsecured creditors and for the equity to realize some value.”

It is unclear how much the property will sell for, but it’s likely to be less than Mr Niami’s bullish estimate last year.

He said in an interview: “When you have something that’s as rare as the Mona Lisa, you can command whatever you want for it.”

Even if the property goes for half his initial estimate, then it will still be the most expensive home ever sold in America.

That current honour belongs to a Manhattan penthouse bought by hedge fund billionaire Ken Griffin for $238million (£175million).

Other particularly expensive homes include a £203million mansion in Knightsbridge being eyed up by a Chinese tycoon, and a £221million French chateau bought by a Saudi prince.

As expansive and shiny as The One is, it may not prove to be the easiest home to sell.

Property expert Jonathan Miller suggested that its unique features may deter rather than entice potential customers.

The estate was once valued at $500m

He told Bloomberg last year: “The problem is, the more amenities you add, the more you personalise the property.

“Even though the intention is to draw eyeballs to the property, you are also personalising it, which may reduce the size of the market pie.

“It’s a very small, very tight market.”

Such a small market has led to big discounts before, including a $250million (£184) home that eventually sold for $94million ($69million) in Bel-Air.

Britain’s most expensive home is said to be owned by Phones 4u founder John Caudwell, who turned two mansions in Mayfair into one mega-mansion.

It is now thought to be worth £250million.

It is the size of 55 normal UK flats and has eight floors, 15 bedrooms and a 120-capacity ballroom.

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