America's most expensive home faces foreclosure as market for mega-mansions collapses

The largest and most expensive house in the US, officially called The One, sits on a hill in Bel-Air, with 360-degree views of Los Angeles. Photo / Michael Leonard, The Society Group

For years, US architects, particularly in Los Angeles, have sought to outdo each other with ever more palatial residences featuring breathtaking infinity pools, in-home cinemas and helipads.

But their time may be up, as the looming foreclosure of the most expensive house in the country has raised questions over whether the country has reached peak mega mansion.

Luxury estate agents call it the "giga-mansion".

Officially called The One, it is the largest and most expensive house in the US and sits on a hill in Bel-Air, with 360-degree views of Los Angeles.

Construction began eight years ago, when the sky seemed the limit for futuristic Bond villain-style lairs, and it was only very recently completed.

Sprawling across 105,000 square feet (9800 sq m), it has 21 bedrooms, 42 bathrooms, five swimming pools, a moat, a 50-seat cinema and its own nightclub.

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The developer had hoped it would sell for US$500 million ($700m). Offers have reportedly been nowhere near the asking price, which has now dropped by at least US$150m.

Last month, a lender filed a default notice against Nile Niami, the developer, over an US$82m loan.

Amazon founder Jeff Bezos last year bought this Los Angeles estate for US$165m, a record for the city. Photo / Supplied

America's mega-mansion market has imploded during the pandemic, with prices slashed in desperation. It may just be that prices finally got too high, even for the super-rich. And perhaps the residences have just got too big. After all, who really needs their own 50-seat cinema?

But it seems the pandemic really put the brakes on, as celebrities and corporate titans realised such ostentation did not sit well during a global crisis.

For the richest of the rich though, the upsizing continues. Amazon founder Jeff Bezos last year bought a Los Angeles home for US$165m, a record for the city, in a private sale from David Geffen, the music mogul.