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$500 million (£379m) mega mansion in Bel Air has been sold at auction for a quarter of its once-proclaimed value.

With a winning bid of $126 million (£96m), Richard Saghian — the founder and CEO of online clothes company Fashion Nova —found himself competing against four other bidders, all from the United States and New Zealand. Saghian confirmed his purchase of the “once in a lifetime” property in an emailed statement to the LA Times on Sunday.

‘The One’ mansion is for sale as part of bankruptcy proceedings and went to auction with a guide price of $295 million (£224 million) but without a reserve price.

The hammer fell to Saghian at a mighty $126 million — although he will actually pay $141 million with auction fees. The sale still requires approval by a bankruptcy court judge later this month, and it’s thought that the total debt attached to the property far exceeds the successful $121m bid.

Perched on a hilltop overlooking Los Angeles, The One is one of the largest private homes ever built, with a colossal 105,000sq ft of living space — almost twice that of The White House.

The vast home has been 10 years in the making after film producer-turned-property developer Nile Niami’s company Crestlloyd paid $28 million (£21.2 million) for the eight-acre plot in 2012.

And although it’s in the process of being sold for less than half of its auction asking price, it has easily set a record for the most expensive home to be sold at auction.

It’s thought The One is still around 12 months of work — an estimated $1 million — from completion after the developer defaulted on loans.

Saghian would have had to put down a deposit of $250,000 at the auction last week, but has until March 21 to finalise the sale.

Going, going, gone? Buyer Richard Saghian has until March 21 to close the sale, which still needs to be approved by a bankcruptcy court judge

/ The Beverley Hills Estates

Developer owner Nile Niami released a video in December in which he asked investors to back his plan to create ‘The One Coin’ cryptocurrency that would allow him to pay off his lenders and finish the home. Niami said the mega mansion would then be rented out for global launches and events, and those investors would share in the profits.

The One house is surrounded by a moat on three sides, with 360-degree views of the Pacific Ocean and Los Angeles.

There are five vast swimming pools, a nightclub, salon and spa, sky deck, outdoor running track and private theatre among amenities.

The main house has 42 bathrooms, a 50-car garage, four-lane bowling alley and a six-hole putting green on the roof.

It was thought that the property might fetch a price closer to the $177 million (£135m) paid by venture capitalist Marc Andreessen for fashion mogul’s Serge Azria’s Malibu compound last year. It retains the record for California’s biggest property deal.

Azria, the CEO and creative director for brands including Equipment and Joie, and his wife Florence, spent eight years renovating the 10,000sq ft main house.

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