Anyone interested in bidding on one of the biggest and most expensive homes in U.S. history will have to wait a bit longer.
Less than a week after announcing plans to auction off the storied property, dubbed ‘The One,’ the luxury auction house marketing the sale has pushed the event back by three weeks.
Bidders interested in making a move on the $295 million, 105,000-square-foot mansion in Bel Air can make an opening bid beginning Feb. 28.
That’s three weeks later than planned. Last week, the sellers announced no reserve bidding would begin Feb. 7 and last for three days.
“Prior to The One being listed on January 7, 2021, for $295,000,000, its auction launch date was projected to be February 7 through February 10 and has since been confirmed to now commence on February 28 through March 3, 2022,” a representative for Concierge Auctions said in a statement.
No explanation was given for the delay, which may give more time for Los Angeles luxury real estate developer Nile Niami, who guided the design of the mansion, to attract investors to the property.
Days before the auction was announced, Niami shared a last-minute pitch to turn the colossal palace into a money-making operation via a new digital currency he called The One Coin.
Niami alluded to the ability to host lavish events on the property, from weddings to boxing matches supported by a new pay-per-view package, as a way to make money from the asset.
The pitch comes as the value of the building has plummeted, from what Niami said was a $500 million value during construction to $350 million last year and $295 million today.