Los Angeles lifestyle is known for the rich and the famous but one hilltop property in Bel-Air is flaunting luxury at a whole new level.
The $295 million mega-mansion, dubbed "The One," was built by ex-movie producer Nile Niami as the nation’s largest and most expensive private residence. The 105,000 square-foot estate is expected to hit the auction block at the end of February.
The 21-bedroom, 42-bathroom home features a 30-car garage, 10,000 bottle wine cellar, five swimming pools and a 10,000-square foot sky deck -- not to mention the property is completely surrounded by a moat in palace-like fashion.
The auction comes at the peak of a luxury real estate boom in the U.S. after at least 40 residential properties sold for more than $50 million, according to real estate appraiser Miller Samuel.
However, Luxury Real Estate founder Aaron Kirman told FOX Business’ Kelly O’Grady during an interview that aired on "Varney & Co.," the recent exodus from California and other blue states due to high taxes and crime is not
"The person that’s buying this house is not going to care," he said. "That’s not part of their reality. Whoever’s going to buy this house is going to have a massive staff, massive upkeep and that’s just part of the game."
While the buyers of this house could be footing a $3.7 million bill in property taxes alone, California listing agents have reported an influx in buyers still interested in ultra-expensive properties.
The business of real estate is more than just business to Lynn Range, it is a passion project as she offers her clients a mix of local intelligence, industry knowledge, and transactional expertise.Let's Connect