‘The One' Mega-Mansion Sells For Drastically Less Than Original Price
Mar 30, 2022
A bankruptcy court has approved the sale of “The One,” a mega-mansion in Bel Air touted as the largest residential home in the U.S., the New York Post reported. The mansion, once valued at $500 million, sold for $141 million to Richard Saghian, CEO and founder of the fashion retailer Fashion Nova. The property previously had an asking price of $295 million.
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A bankruptcy court has approved the sale of “The One,” a mega-mansion in Bel Air touted as the largest residential home in the U.S., the New York Post reported. The mansion, once valued at $500 million, sold for $141 million to Richard Saghian, CEO and founder of the fashion retailer Fashion Nova. The property previously had an asking price of $295 million.
The sale following the auction, which concluded March 3, was at first disputed because the final price was deemed not high enough to compensate creditors, according to the Post. The project reportedly accumulated more than $250 million in debts over the years.
Marc Angeles/Unlimited Style Real Estate Photography
“It doesn’t feel like a good result,” Bankruptcy Court Judge Deborah Saltzman said in her ruling, according to Bloomberg. “It’s a justified result.”
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