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




 

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.

This story was originally featured on Fortune.com

COMMENTS

More Related News

Derwin James: Each game from here on out, we can
Derwin James: Each game from here on out, we can't lose anymore

After Sunday's loss to the Raiders, the Chargers are 6-6 and are No. 9 in the conference. They'll have to jump at least two teams to make it to the postseason, which won't be the easiest thing based on the club's schedule. But star safety Derwin James essentially said postgame that the Chargers have to [more]

Letters to the Editor: More probation workers won
Letters to the Editor: More probation workers won't fix L.A. County juvenile halls
  • US
  • 2022-12-05 11:00:25Z

It isn't 'chaos' or repeated lockdowns that are the problem with juvenile hall; it's a system that has for decades harmed our most vulnerable young people.

Watch Anthony Davis drop season-high 55, Lakers handle Wizards 130-119
Watch Anthony Davis drop season-high 55, Lakers handle Wizards 130-119

Anthony Davis dazzled so much, he heard fans chanting "MVP!" And that came while playing on the road.

Prep soccer: Loyola and Cathedral stay true to international game
Prep soccer: Loyola and Cathedral stay true to international game

While many youth and varsity soccer teams generate offense with long passes, Cathedral and Loyola style their attacks with possessions built from the back line.

Los Angeles police announce 18 arrests in massive organized retail theft ring day after new sheriff sworn in
Los Angeles police announce 18 arrests in massive organized retail theft ring day after new sheriff sworn in
  • US
  • 2022-12-04 19:16:15Z

The LAPD announced the arrested of 18 suspects in a large organized retail theft operation same weekend Robert Luna was sworn in as new LA County Sheriff...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Economy