Welcome again to the Actual Property e-newsletter. There an enormous property smackdown taking place in Bel-Air.

The gamers: Nile Niami, the slick Hollywood actual property developer whose mega-mansions maintain getting larger and larger, and Don Hankey, the hard-nosed cash lender who helped Niami bankroll his newest undertaking.

The prize: A 105,000-square-foot home known as “The One” that’s, with out hyperbole, unequalled in dimension and splendor — even in one of many nation’s most prosperous areas for luxurious actual property.

As soon as rumored to listing for $500 million, the long-awaited residence is lastly coming to marketplace for $225 million. However its future is much from concrete, and Instances reporter Laurence Darmiento paperwork all of it in his newest piece.

In “lower than $225 million” information, Joe Jonas and Sophie Turner set the best worth of the 12 months, for Encino anyway, once they offered their trendy mansion for $15.2 million. It’s additionally the second-priciest sale the San Fernando Valley neighborhood has ever seen. Joe’s brother Nick holds the highest spot.

Encino noticed one other high-profile sale this week as Kelly Clarkson unloaded her farmhouse for $8.24 million — a hefty worth, however nonetheless shy of the $8.5 million she paid for it three years in the past.

Ashton Kutcher and Mila Kunis are hoping for higher luck in Hidden Valley. After ending their customized hilltop compound dubbed KuKu Farms, they listed their traditional-style spot close by for $12.25 million.

Desirous about making a proposal on a home? Whether or not you’re vying for Kutcher and Kunis’ place or a extra inexpensive spot, assume twice about penning a love letter to the vendor alongside together with your bid. Columnist Steve Lopez regarded into the observe, which is concurrently rising in popularity and extra controversial.

If you would like your individual story on this e-newsletter, now’s your likelihood. I’m writing a house-hunting column crammed with wild actual property tales, and I’d love to listen to the small print from yours. Click on the hyperlink and provides me some particulars.

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The battle for ‘The One,’ Bel-Air’s notorious mega-mansion

“The One” in Bel-Air.

(Allen J. Schaben / Los Angeles Instances)

It’s onerous to know the enormity of “The One,” however an aerial {photograph} of the most important trendy dwelling in the US offers perspective, writes Laurence Darmiento.

Seen from a drone, the white marble construction as soon as marketed for $500 million seems each bit the fortress towering over the scattered dwellings of a village.

That such a giga-mansion might be constructed says a lot concerning the asymmetrical excesses of our age — through which the battle for housing performs out within the valleys as spec properties that solely a minute fraction of the world can afford rise above them.

It’s additionally a testomony to the need of an obsessive developer pushed to construct probably the most extravagant mansion he might think about. Now, the place is slipping by means of his fingers as he battles a hard-nosed cash lender who’s in for greater than $100 million on the undertaking.

Energy couple set a yearlong excessive in Encino

A rectangular pool in a big yard in front of a sprawling mansion.

In-built 2019, the trendy mansion is crammed with glass, imported stone and aged pure wooden.

(Jae Omar Design)

Joe Jonas and Sophie Turner are swapping coasts. Just a few days after shelling out $11 million for a glass mansion in Miami, the couple have offered their Encino showplace for $15.2 million.

That tab wasn’t sufficiently big to seize the Encino worth crown from one other Jonas brother, Nick, who paid $20 million for a 20,000-square-foot dwelling within the San Fernando Valley neighborhood two years in the past along with his spouse, Priyanka Chopra.

Jonas (Joe, not Nick, in case you’re conserving rating) and Turner stroll away with a revenue of $1.1 million after paying $14.1 million for the property when it was newly inbuilt 2019, data present. They first listed it over the summer season for $16.75 million.

The trendy pad was designed by Jae Omar, who used a design palette of glass, imported stone and aged pure wooden. It holds 9 bedrooms, 11 bogs and myriad distinctive facilities together with an aquarium, cigar humidor, fog machine, DJ station, disco lights and a kegerator (in case you’re not acquainted, that’s a specialised fridge used to retailer and dispense beer).

‘Idol’ singer lastly sells

A compound with a pool and big yard.

In-built 2018, the trendy farmhouse features a swimming pool and two-story guesthouse.

(Laura D’Anna / MediaCarrot Pictures)

The promoting spree continues for Kelly Clarkson. Months after shedding her 20,000-square-foot Tennessee mansion for $6.3 million, the “American Idol” alum has hauled in $8.24 million for her Encino farmhouse.

It chalks up as a slight loss for the singer, who paid $8.5 million for the property in 2018. She’s been purchasing the house round since final 12 months and most lately listed it for $9 million.

Clarkson remains to be conserving roots within the San Fernando Valley. Over the summer season she opted for a smaller dwelling, shelling out $5.445 million for a 5,000-square-foot Colonial-style spot a number of miles east in Toluca Lake.

At greater than 10,000 sq. toes, the house she simply offered has eight bedrooms, 10 bogs, a movie show, billiards room, health club and wine cellar throughout two tales. Spanning half an acre within the Royal Oaks neighborhood, the property additionally provides a two-story guesthouse and leafy yard with a pool, spa, garden, fireplace pit and lined lounge with a pizza oven.

Kutcher and Kunis listing in Hidden Valley

A big pool and a house.

The Nineteen Nineties dwelling contains 5 bedrooms, 5.5 bogs, a mahogany workplace, bar, wine cellar, sauna and health club.

(Simon Berlyn)

Now that their sustainable farmhouse in Beverly Hills is full, married actors Ashton Kutcher and Mila Kunis want to promote their East Coast-inspired dwelling a number of streets over for $12.25 million.

That’s about $2 million greater than the pair paid in 2014 a number of months after turning into engaged.

In-built 1999, the 7,300-square-foot spot is a little more conventional than their new property — a surprising hilltop compound they constructed as a ardour undertaking dubbed KuKu Farms full with a properly and cornfield, which they planted and harvested through the pandemic.

The true property love letter is below fireplace

A for-sale sign among a row of houses.

Townhouses in Chula Vista’s Otay Ranch neighborhood in mid-September.

(Phillip Molnar / San Diego Union-Tribune)

It’s the proper home in the suitable neighborhood, so the competitors is stiff, however you’ve completely bought to have it, writes Steve Lopez.

So what do you do? You make your bid, providing greater than the listing worth as a result of that’s how insane the California actual property market may be in lots of neighborhoods, and then you definitely sit down and write a love letter.

This observe has at all times struck Instances columnist Lopez as creepy, and he describes it as a fawning essay contest within the dream home sweepstakes.

Such inventive writing workout routines have come below assault as bogus efforts by patrons to achieve the higher hand over different patrons. They usually’ve been banned in Oregon as a attainable device of discrimination.

What we’re studying

The New York Publish is handing out awards for New York Metropolis’s most unique buildings. However these awards aren’t about structure and design components. As an alternative, they have fun “buildings that deal with the actual (and doubtful) wants of wealthy New Yorkers. Classes embody “the overcompensation award,” “the paparazzi-proof constructing” and “the most effective constructing for extramarital actions.”

Halloween is weeks away, however the 12 months’s hottest entrance garden ornament is likely to be onerous to seek out. After going viral final 12 months and promoting out quick, House Depot’s 12-foot-tall skeleton is once more offered out at most of the chain’s shops, and third-party websites are itemizing the $299 merchandise for as a lot as $1,200, Enterprise Insider reviews.