Los Angeles mansion expected to smash American property records

Posted by
Check your BMI

A handful of the world's richest families are locked in a bidding war over an LA mansion expected to smash American property records.

Named 'The One', the house comes with its own nightclub, putting green, hair salon and spa, bowling alley and cinema.

It also has five indoor and outdoor swimming pools, a 30-car garage, 21 bedrooms and 42 bathrooms.

LIVE UPDATES: Kremlin claims it has seized southern city

toonsbymoonlight

With a listing price of $US295 million ($AUD 404 million) it would become the most expensive home ever sold in North America, but that price is not assured.

The current bid sits at $US70 million.

A flurry of higher offers is expected before the auction closes at 4pm Pacific Standard Time on Thursday, according to agent Mario Vargas from Concierge Auctions.

"A home of this magnitude will never be built again in Los Angeles," Mr Vargas told 9News.

"It's been a decade in the making. So, a lot of years of construction. It's been listed in the past and we got involved recently."

The journey to auction has been anything but smooth.

Originally priced $US 45million higher, the property failed to secure a buyer while on the market for 10 months and is now being sold incomplete, with further money needing to be spent by the prospective buyer.

READ MORE: What happens if Putin holds oil supplies hostage?

"We don't have an exact amount of time or what that would take… we've been given a guide of around six months," Mr Vargas said.

The agent is tight-lipped on the identities of the interested parties but says more than 40 serious groups had inspected the home during the campaign and the auction has come down to five wealthy families.

Source: 9News