$500 million

For years, architects, particularly in Los Angeles, have sought to outdo each other with ever more palatial residences featuring breathtaking infinity pools, in-home cinemas and helipads. But their time may be up, as the looming foreclosure of the most expensive house in the United States has raised questions over whether the country has reached peak mega mansion. Luxury estate agents call it the “giga-mansion.”

Officially called The One, it the largest and most expensive house in the U.S. and sits on a hill in Bel-air, with 360-degree views of Los Angeles. Construction began eight years ago, when the sky seemed the limit for futuristic Bond villain-style lairs, and it was only very recently completed. Sprawling across 105,000 square feet, it has 21 bedrooms, 42 bathrooms, five swimming pools, a moat, a 50-seat cinema and its own nightclub. The developer had hoped it would sell for US$500 million. Offers have reportedly been nowhere near the asking price, which has now dropped by at least US$150 million. America’s mega-mansion market has imploded during the pandemic, with prices slashed in desperation. It may just be that prices finally got too high, even for the super-rich.