America's most expensive home flops at bankruptcy auction: Bel Air mansion 'The One' - once listed for $500million - sells for $126m, less than HALF the $295m asking price, after just five people bid on it

Daily Mail ^ | Ronny Reyes

[BenLurkin]

Concierge Auctions, which handled the sale, told the Los Angeles times that more than three dozen prospective buyers toured five-acre property in the last couple of months, including billionaires from across the US, Middle East and Asia.

However, when the auction opened on Monday, only five bidders from the US and New Zealand made offers on the 'white elephant' superhome, with the winning buyer remaining unidentified until paperwork is submitted to a U.S. Bankruptcy Court next week.

[Scrambler Bob]

And the new owner is going to flip it, right?

[airborne]

It will cost the new owners that much and more to pay for gas and electric.

[Jamestown1630]

Ugly house.

[Slicksadick]

https://www.conciergeauctions.com/auctions/944-airole-way-los-angeles-california

[TexasFreeper2009]

someone would have to be a moron to buy that in California

[SaxxonWoods]

Extremely limited market.

Houses here still going at above asking price and appraisal price. Appreciating quickly. Limited supply, lots of buyers with money/good credit, the usual boring reasons.

[Repealthe17thAmendment]

I was thinking a tear down and rebuild.

[wildcard_redneck]

“The chickens come home to roost.”

The despicable American Uniparty needs to pay for all this destruction at the ballot box.

[RummyChick]

Heck for 30 million they could have bought Tony Stewart’s home that looks like a Bass Pro Shop in Columbus In.

[duckman]

What is the monthly electric bill? Asking for a friend.

[skr]

Might make a nifty B&B.

[Jim Robinson]

They’re gonna tear it down and build a mansion.

[BenLurkin]

I think it's gorgeous, but style — no matter how sophisticated — has to make concessions to function. And this place doesn't.

[Jamestown1630]

I wouldn’t find it interesting to stay in at all. It looks sterile and thoughtless.

More proof that money doesn’t buy taste.

[Long Jon No Silver]

Too vulnerable to nuclear fallout and earthquakes. The super rich fat cats are more interested in places like New Zealand to hangout whilst they engineer wars, famines and sky high fuel prices

[shotgun]

So, the subcontractors are going to have to eat it. How many of them had to file bankruptcy because they didn’t get paid for the work on this boondoggle?

[BenLurkin]

A five-star hotel and spa.

Would need to be re-zoned, however.

[Whatever Works]

Wow! What a cold, uninviting mausoleum. Reminds me of those Chinese “ghost cities” built but nobody lives there.

Pass.