The One is a 105,000-square-foot Bel-Air mega-mansion developed by Nile Niami. Its $295 million listing price did not become a sale price: after a bankruptcy auction, the reported winning bid was $126 million, while a 12% auction fee brought the total to about $141 million. The distinction matters—the property’s record was for a U.S. home sold at auction, not an unqualified record for the most expensive home sold by any measure.
What is The One?
The One is a large, custom-built estate in Bel-Air, Los Angeles, developed by real estate developer Nile Niami. The Los Angeles Times described it as a 105,000-square-foot property in its March 3, 2022 coverage of the auction. That is a reported figure, not an independent measurement.
Niami marketed the property at $295 million before it went to auction. That asking price was an ambition, not the amount a buyer ultimately paid.
Who bought it, and what did the sale cost?
Fashion Nova founder Richard Saghian was the winning buyer. A bankruptcy judge approved his $141 million offer on March 21, 2022, according to the Los Angeles Times. Saghian described the home as “a once-in-a-lifetime property that can never be duplicated,” in the newspaper’s March 6, 2022 report.
Coverage uses two figures because it describes different parts of the transaction:
| Figure | What it refers to |
|---|---|
| $126 million | The reported auction bid, as covered by the Los Angeles Times on March 3, 2022. |
| 12% | The auction fee reported by the Los Angeles Times in the same coverage. |
| About $141 million | The bid plus the reported fee; the Los Angeles Times also described this as the court-approved offer on March 21, 2022. |
| $295 million | The pre-auction listing price reported by the Los Angeles Times on March 3, 2022—not the auction bid or fee-inclusive total. |
So $126 million and about $141 million are not necessarily competing accounts: one is the reported bid, the other includes the auction fee and corresponds to the figure used for the approved offer.
What made the mansion notable?
Reports described an unusually expansive amenity package, including:
- 21 bedrooms and 42 full bathrooms, according to the Los Angeles Times’ 2022 reporting.
- A nightclub, several swimming pools, and a 50-seat theater.
- A four-lane bowling alley, a sky deck, and a putting green.
These are reported room counts and features, not the findings of a current physical inspection. The home’s scale and amenities help explain its profile as a trophy property, but they do not by themselves establish its market value or readiness for use.
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What does “most expensive” mean in this case?
The Los Angeles Times described the auction outcome as a record for the costliest U.S. house sold at auction. Its March 3, 2022 report also said the result fell short of the California home-sale record and the U.S. residential-price record discussed at that time. Those are historical comparisons, not verified current rankings.
The label depends on what is being compared: an asking price is not a completed sale, an auction bid is not the same as a total including buyer fees, and an auction record is not the same category as an overall residential-sale record. The One’s reported permit and construction questions also make a simple comparison with a completed, move-in-ready home less straightforward. The available reporting does not supply a like-for-like valuation analysis.
What concerns were reported before the auction?
Pre-auction coverage raised concerns about the property’s lack of an occupancy permit and reported allegations of possible construction defects and zoning-code violations. These were reported issues and allegations; they should not be treated as adjudicated findings. The 2022 coverage does not establish whether the concerns were later resolved or what the property’s permit status and condition are today.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What is known about its ownership and condition now?
The cited reporting documents Saghian’s approved 2022 offer, but it does not establish the property’s current ownership, occupancy, renovation status, or physical condition. Without a current official property record or other up-to-date confirmation, those details should not be inferred from the auction coverage.
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