The sprawling Bel-Air mega-mansion, “The One”, has found its new owner. After being auctioned off for $126 million (or $141 million with auction fees), the 105,000-square-foot property was confirmed to be bought by Richard Saghian, CEO of Fashion Nova. Despite its listing price of $295 million, the sale set records as the highest for a U.S. home auction.

Saghian, known for his love of real estate, described “The One” as a “rare opportunity” and a significant part of Los Angeles history. With 21 bedrooms, 42 bathrooms, and unparalleled amenities like a 30-car garage, multiple infinity pools, and a nightclub, the mansion certainly lives up to its grand reputation. The home’s luxurious features are designed to cater to every interest, from the 10,000-bottle wine cellar for oenophiles to a bowling alley and movie theater for entertainment.

Built by developer Nile Niami and architect Paul McClean, the property has not been without its financial complications. After Niami defaulted on a loan, the mansion was put into bankruptcy, leading to its eventual auction.

The auction of “The One” attracted international attention, with buyers from the Middle East, Asia, and California expressing interest. However, only five bidders, including Saghian, participated, with the action heating up in the final moments.

While “The One” fell short of California’s record sale price of $177 million set by venture capitalist Marc Andreessen, it remains an iconic piece of real estate. Saghian’s investment in finishing the property, with an expected additional $20 million, will add even more value to this already extravagant estate.

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