Billionaires Only: Bidding to Open for LA Mega-Mansion ‘The One’
- Developer once floated a $500 million price tag for ‘The One’
- Project a decade in the making has about $200 million in debts
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It’s an auction pretty much limited to billionaires: a sale of the biggest U.S. mega-mansion, the troubled Los Angeles hilltop estate dubbed “The One.”
Almost three dozen potential buyers -- all showing evidence they can afford the project -- have toured the grounds in the six weeks since the property appeared on the multiple listing service with an asking price of $295 million. About half of the visitors flew in from overseas, real estate agents said.