Lifestyle Home One-Time Most Expensive Home in America Finds Buyer at a Discount, Still Sets Auction Sale Record The One was sold at auction Thursday after years of twists and turns for the Los Angeles mega-mansion By Dan Heching Dan Heching Digital News Writer, PEOPLE People Editorial Guidelines Published on March 4, 2022 09:46 PM Share Tweet Pin Email Photo: Douglas Friedman An uber-luxurious, 105,000-square-foot Bel Air estate known as "The One," which was once expected to be listed for a staggering $500 million, has sold at auction at a record-setting price. After years of being on the market, on Thursday the California mega-mansion found an owner who bid $126 million plus closing costs and buyer's premium, PEOPLE confirms. With an all-in final closing cost of $141.12 million, the home set a new record for the most expensive residential property ever sold at auction in America –– nearly 50 percent higher than the previous U.S. record for a home sold at auction. Douglas Friedman One-Time Most Expensive House for Sale in America Will Be Auctioned Amid Bankruptcy Proceedings The closing bid for The One is currently under review by the court and is scheduled to close within 30 days upon approval. The bidder will be disclosed to the court by next Tuesday, after which the buying party will be made public. Aaron Kirman of Aaron Kirman Group at Compass and Branden and Rayni Williams of Williams & Williams at The Beverly Hills Estates represented the listing, while Concierge Auctions managed the auction. RELATED VIDEO: Million Dollar Listing's Tyler Whitman Reflects on Losing 200 Lbs.: 'I Had Hit Rock Bottom' The One was previously listed for sale by Compass who referred to the 21-bedroom, 49-bath property as "the largest & grandest house ever built in the urban world" with "360-degree views of the Pacific Ocean, Downtown Los Angeles, and San Gabriel Mountains." Never miss a story — sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories. The home boasts "every imaginable amenity" including "5 pools, a massive nightclub, full-service salon & spa, 10,000sf sky deck, 400ft private outdoor running track, and private Dolby Digital theater seating 40 plus". The One also boasts an unbelievable 30-car garage. Inside America's Most Expensive Home: A 100,000 Sq. Ft. Mansion Asking a Rumored $350 Million Initially, the property was expected to be listed for $500 million in 2017. However, delays, funding problems, and other issues led to the property's developer Nile Niami and his company to file an agreement in U.S. Bankruptcy Court in December to auction off the estate to help pay back creditors around $180 million, according to the Los Angeles Times.