When it comes to a starter home in LA, there are a few must-haves to look out for. First off, does it have five swimming pools? Check. Does it come with its own bowling alley, movie theater, and 30-car garage? Decent. And can it be described as the biggest mansion in a county of over ten million residents?
“The One” (so dubbed by developer Niles Niami) was certainly priced to sell when the listing dipped from $500 million to just north of $140 million. In a real estate market that has doubled in five years, this kind of deal only comes along once in a lifetime.
Ten years in the making, the 105,000 square foot property has plenty of room for your giant hobby sculptures and imported pet elephants. Set on 4 acres atop a Bel Air hillock, the 21-bedroom affair boasts 360-degree views of the Pacific Ocean, the San Gabriel Mountains, and the Batman impersonator waiting for the bus down on Hollywood Blvd.
That’s value for money.
Despite running afoul of creditors while racking up $250 million in debt, the cozy lodgings finally found a home through a court-ordered auction which allegedly drew interest from Saudi businessmen, Russian oligarchs, and the Mandatory team who ended up passing because there wasn’t enough closet space for all our capes.
In the end, Richard Saghian became the proud owner of LA’s newest monstrosity. But before the Fashion Nova CEO can carry out his plans to use the biggest mansion in town as an investment property, he must first fix the many construction defects throughout, including cracks along the 30,000 square feet of marble flooring.
No one said owning a home would be easy. But at least Saghian got a great price on a place he can proudly point to from outer space.
Photos: Allen J. Schaben (Getty Images)
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