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Mansions cost a lot to run – that much is obvious.
And for one well-heeled new homeowner, the electricity bill to keep the BO at bay in a summer heatwave and the interior toasty when the mercury plunges comes in at a mind-blowing $US50,000 ($77,000) a month.
The One, in Bel Air, costs $US50,000 a month to heat and cool.Credit:Concierge Auctions
That is the cost of heating and cooling The One – a brand new, behemoth Bel Air mansion, in Los Angeles, that was 10 years in the making and has been plagued with problems since the soil was turned.
High net-worth folk tend to be discreet, so these sorts of numbers would never usually come to light, but the eye watering sum of the electricity bill was revealed when the developer went into receivership last year, exposing the scary financials behind the mega build.
No violins will be playing for the wealthy occupant, who bought the home for $US141 million (including fees) this year. With pockets that deep, they won’t be sweating over a big bill.
The home has 21 bedrooms and several pools, but the running costs aren’t cheap.Credit:Concierge Auctions
In Australia, the average quarterly electricity bill is $380 for South Australia, $356 for NSW, $318 for Victoria, $312 for Queensland and $259 for Western Australia, according to Finder research published in September.
Complete with home cinema.Credit:Concierge Auctions
A court-appointed receiver, in charge of selling The One to recoup developer Nile Niami’s debts, revealed to the Los Angeles Times that the monthly electric bill was $US27,000 – for just one floor.
The mansion has two levels, bringing the cost to more than $US50,000 a month, the Times reported.
Niami, a larger-than-life property developer in the LA real estate scene, tried for several years to sell the shopping centre-sized house.
It was once thought to be worth as much as half a billion US dollars, but sold for less.Credit:Concierge Auctions
However, due to a string of issues, including defaulted loans and unpaid debts, a declaration of bankruptcy and one of Niami’s lenders filing for foreclosure, the mansion was placed into receivership by the Los Angeles County Superior Court in 2021.
In the early days of construction, the 21-bedroom, 49-bathroom mansion was estimated to be worth $US500 million.
But court controversy, money blunders and bad press slimmed down the price.
Court documents filed during foreclosure proceedings also revealed the property breached several health and safety codes.
According to The Wall Street Journal, a third-party inspector found an inferior filtration system was installed in its several pools, which led to algae, and discovered mould in other areas of the house.
A large portion of the mansion’s white marble had not been properly treated, which had resulted in staining and cracking.
This article was originally published on nine.com.au.
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