A bankruptcy court judge approved the sale of a Los Angeles mega-mansion for $141 million, after objections that the price wasn’t high enough to compensate creditors, Bloomberg reported. The 21-bedroom, 49-bath property in the Bel Air, Calif., district, dubbed “The One,” has more than $250 million in debts. The highest bid at a March 3 auction was less than half the $295 million list price for the estate and a fraction of the $500 million once floated by its developer, whose firm filed for bankruptcy last year when lenders moved to foreclose on the decade-in-the-making project. Hon. Deborah Saltzman said the sale should proceed despite the disappointing price. “It doesn’t feel like a good result,” she said. “It’s a justified result.” Opponents of the sale had complained about the lack of a minimum required bid for the property and said the war in Ukraine had deterred offers from potential foreign buyers. The brokers selling the property said the auction price was reasonable, because potential bidders were hindered by the lack of a certificate of occupancy and construction problems that had nothing to do with global events. The top bidder, Richard Saghian, founder of apparel line Fashion Nova, argued that the court should accept his purchase because he followed the agreed-upon process and has the means to pay.
