Most expensive home in US going on auction block
FOX Business’ Kelly O’Grady gives an inside look at the $295 million Los Angeles mansion.
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.
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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 a concern for the world’s most wealthy.
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"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.
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