It costs around $50,000 a month to keep Bel Air mega-mansion ‘The One’ cool in the summer (2024)

Earlier this year, Richard Saghian, owner of the fast-fashion business Fashion Nova, bought the Los Angeles mansion known as “The One” for $141 million.

The One was one of the biggest U.S. homes to ever go up for auction. It sold in March, fetching well below the list price of $295 million (and even further below the $500 million the developer wanted to ask in 2015).

But as it turns out, Saghian’s expenses were just getting started.

The extreme heat in California this summer has resulted in higher-than-normal electric bills for everyone, but keeping The One cool is estimated to run roughly $50,000 per month.

The 21-bedroom, 49-bath, 105,000-square-foot home saw a monthly electric bill of $27,000 last year, according to the Los Angeles Times. That, however, was when the air conditioning worked on just one level of the home.

An estate as big as The One could have as many as 50 HVAC systems, most with multiple zones—compared to one or two systems in a home of 3,000 square feet.

Lawrence Castillo, president of air-conditioning company Brody Pennell, told the L.A. Times that a property the size of The One could use roughly the same amount of energy as 40 homes that are each around 2,500 square feet, with added power draws for things like the five pools, elevators, and larger kitchen appliances.

Californians already face the fourth-highest electric bills in the country, on average. The average homeowner in Los Angeles spends $3,228 per year on electricity, according to Energy Sage, though that figure is likely to be higher this year.

Luxury homes face considerably higher potential bills. That’s why more and more are adding features like solar panels to cut owner costs.

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It costs around $50,000 a month to keep Bel Air mega-mansion ‘The One’ cool in the summer (2024)

FAQs

It costs around $50,000 a month to keep Bel Air mega-mansion ‘The One’ cool in the summer? ›

The extreme heat in California this summer has resulted in higher-than-normal electric bills for everyone, but keeping The One cool is estimated to run roughly $50,000 per month. The 21-bedroom, 49-bath, 105,000-square-foot home saw a monthly electric bill of $27,000 last year, according to the Los Angeles Times.

How much did the Bel-Air Mega mansion cost? ›

Fashion Nova founder and CEO Richard Saghian bought The One Bel Air, a 105,000-square-foot megamansion in Los Angeles, in 2022 for $126 million. With fees and commission, his total price came out to about $141 million.

How much is upkeep on Mega mansion? ›

Expected price tag for cleaning and maintenance of mansions

With staffing, cleaning, and maintenance of a mega-mansion, high-net-worth families could expect to pay $40,000 a month to keep the home up and running.

Who owns the house the one in Bel-Air? ›

Earlier this year, Richard Saghian, owner of the fast-fashion business Fashion Nova, bought the Los Angeles mansion known as “The One” for $141 million.

Who owns the $250 million dollar house in LA? ›

Casa Encantada's current owners, financier Gary Winnick and his wife, children's author and artist Karen Winnick, purchased the abode for $94 million in 2000.

Who bought the $40 million dollar house? ›

Variety revealed the buyers as Tom and Lisa Bilyeu, the owners of Quest Nutrition, which is a giant fitness food company in the US which was sold for a billion dollars a few years ago if you were wondering where they got their money from!

Who owns the most expensive mansion in the US? ›

The property is owned by the Donahue family. A well-known Naples philanthropist, John "Jack" F. Donahue made his fortune running Pittsburgh-based Federated Investors, which he co-founded in 1955. He died in 2017, and his wife Rhodora died about five years later, in 2022.

Who owns the most expensive house in Bel-Air California? ›

The 21-bedroom, 49-bath Bel Air estate sold Thursday for $141 million to an undisclosed bidder, whose identity was confirmed to be Saghian Sunday.

Who bought the $295 million dollar house? ›

It was recently revealed the buyer is fast fashion brand Fashion Nova CEO Richard Saghian, who paid $126 million for the property plus an auction premium of $15 million. As the highest bidder, he got quite the deal, considering the home was listed at auction for $295 million, though without reserve.

What is the difference between a mansion and a mega mansion? ›

The Google English dictionary explains that “mega” means “very large” or “huge.” In other words, a mega mansion is huge, even for a mansion. Mega mansions are at least 20,000 square feet, although the exact threshold is up for debate. This vastly outsizes the mansion minimum of 5,000 square feet.

Who owns the biggest house in America? ›

A Marvel of Elegance and Charm. Experience America's Largest Home®, as magnificent today as it was more than a century ago. Your self-guided house visit spans three floors and the basem*nt of the luxurious family home of George and Edith Vanderbilt.

Who owns the biggest house in California? ›

Largest houses by floor space
RankSquare footage (Square meterage)Private owner (birthplace)
1120,000 square feet (11,000 m2)Richard Saghian
255,005 square feet (5,110.1 m2)Petra Eccleston
351,000 square feet (4,700 m2)John Brady (Bosnia and Herzegovina)
449,300 square feet (4,580 m2)Anthony Pritzker (United States)
13 more rows

Who owns the $140 million dollar mansion in LA? ›

Saghian's fashion brand has parlayed partnerships with prominent rap stars into widespread success. Richard Saghian, owner of fast-fashion juggernaut Fashion Nova, was the winning bidder who spent $141 million to buy “The One” mega-mansion, he confirmed to The Times.

Who owns a 70 million dollar home? ›

Looks like Kim Kardashian is expanding her real estate portfolio outside of Hidden Hills. Dirt reports that the reality star and burgeoning lawyer scooped up an “oceanfront estate” on Malibu's Encinal Bluffs. The price tag? $70.4 million in an off-market deal.

Who lives in the most expensive house in California? ›

Beyoncé And Jay-Z Buy Malibu Estate For $200 Million—The Most Expensive Home In California.

Who owns the $32 million dollar mansion in Dallas? ›

The new owner is Gil J. Besing, Chief Executive Officer and founder of Cardinal Capital Partners, Inc. and a seasoned real estate investor. His wife is Tricia Besing.

Who owns the $88 million Bel Air mansion? ›

Jay-Z and Beyoncé are world-renowned musical legends with talent and fortune in equal measures. The couple enjoys a combined net worth of US$1.9 billion, per Cosmopolitan, and lives the dream life.

Who owns the 139 million Bel Air mansion? ›

In 2014, Dr. Joseph Englanoff paid $5 million for an empty plot of land in the hills of Bel-Air. He spent the next seven years crafting an amenity-loaded mega-mansion on the property, and the home has finally surfaced for sale at $139 million.

Who owns the 140 million dollar mansion in Bel-Air? ›

Fast-fashion CEO, 40, revealed as winning bidder of $141 million Bel Air mega-mansion 'The One' Richard Saghian, owner of the fast-fashion business Fashion Nova, has emerged as the winning bidder of the Los Angeles mansion known as “The One.”

Who bought the 295 million dollar house in LA? ›

The buyer of the Bel-Air mega mansion dubbed 'The One' has been revealed to be none other than Fashion Nova CEO Richard Saghian days after the estate sold well below its asking price at auction.

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