L.A. home to be auctioned for $250m

L.A. home to be auctioned for $250m

L.A. home to be auctioned for $250m
A mega-mansion known as “The One”, which has been plagued by financial pitfalls, could hit the auction chopping block as soon as next month. The luxury home’s developer announced that it will likely be listed near $250 million and marketed towards the few people in the world who could actually afford a property at that price.

Should the home sell at auction, it will bring to an end a year’s long financial saga that placed the home into Chapter 11 bankruptcy in October.

The ultra-luxury mansion boasts stunning views of the Los Angeles Basin and Pacific Ocean. The new buyers will enjoy multiple swimming pools, a spa, cigar lounges, candy rooms and a four-lane bowling alley.

Today, conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.