The story of The One in Bel-Air is a long and expensive saga. Once upon a time, this hubristically palatial 105,000-square-foot mega mansion was on track to become the priciest property in all of America. The only problem? No human being in their right mind was willing to cough up US$500 million (AU$794.2 million) for an incomplete build.
Several price reductions, US$100 million (AU$158.8 million) in defaulted loans for project developer Nile Niami, a court-ordered receivership, and a foreclosure sale later, Founder & CEO of Fashion Nova – Richard Saghian – snapped up The One Bel-Air for a reported sum of US$126 million (AU$200.1 million); approximately US$141 million (AU$311.3 million) when you include the buyer premium.
But his pockets won’t stop bleeding anytime soon.
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According to The Los Angeles Times, Mr Saghian is required to fork out an estimated US$50,000 (AU$79,000) per month for The One Bel-Air’s electricity bill when it’s at “full capacity.” And apparently, that’s just to keep the damn thing cool during those classic LA heat waves.
“In theory, a 100,000-square-foot home would have the same energy bill as 40 2,500-square-foot homes,” explained Lawrence Castillo, President of A/C company Brody Pennell.
“That’s two city blocks’ worth of houses to cool one property.”
“The wealthy have an obligation to look at the energy they’re consuming because their carbon footprint is so much greater.”
For reference, Australia’s average quarterly electricity bills are as follows (via Finder data as of September):
- South Australia – $380
- New South Wales – $356
- Victoria – $318
- Queensland – $312
- Western Australia – $259
Now divide each of the sums outlined by three for a closer comparison to the oversized bungalow.
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It’s rather unsurprising given the sheer scale of The One Bel-Air. In addition to the 105,000 square footage across two floors, this sprawling behemoth features 21 bedrooms – including a 5,500-square-foot master suite – 42 bathrooms, plus what we’ll go ahead and pretend are bare-bone necessities for the everyday billionaire:
- 50-car garage gallery w/ two car-display turntables
- Tennis court
- Gym
- 30-seat movie theatre
- Four-lane bowling alley
- Library
- 10,000-bottle wine cellar
- Five swimming pools (1 x Olympic, 4 x infinity edge)
- Dedicated spa level
- Sky deck w/ putting green
- 200-person “philanthropy wing”
- and last we heard, even its very own nightclub
Maybe they should rename this money pit to “The Buyer’s Remorse Bel-Air.”
Check out The One Bel-Air below.
