The One DAO

The One DAO

We are buying the 105,000-square-foot LA megamansion

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A collective of anonymous people from all over the globe buying the largest, most opulent house in the world. Parties in the Club, bowling tournaments 21 rooms for the DAO members to enjoy and hosting crypto events throughout the year.
The One DAO gallery image
The One DAO gallery image
The One DAO gallery image
The One DAO gallery image
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Launch tags:Crypto•Crowdfunding•Web3
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AssemblyAI
AssemblyAI
Build voice AI apps with a single API
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What do you think? …

Luan Muniz
Hey there! First, I love to see something like this being created! I'm very interested in the entire ecosystem and the initiative is AWESOME! That being said, sorry to shit on your parade, but things seems a little cloudy about how this actually works, there is a reason the original owner (Who had very similar ideas as you) couldn't make those things happen on his own. There are a few problems there with the DAO thing too, ownership, taxes, and maintenance cost are just a few. Ownership: You need to create a company or something like that to own a house in name of a group of people, but in the end, someone will own the company, unless it's public, which won't be the case. The DAO idea is nice, but the practical execution of it is still a mystery. Remember that the house is not a crypto asset that you can just operate inside the blockchain, you need to take the structure of DAO to the real world to own a real-world asset. Taxes: You need to pay several taxes every year, and owning a house this big IS NOT CHEAP!! This circles back on the ownership problem, who is responsible to pay those and who will have to declare and deal with the consequences of late payments and so on? How about the money? Who is going to fund the house after its property of the DAO? And what happens once you can't pay for the house anymore because the DAO is low on funds? Maintenance: Again, not cheap to keep everything working, the plan of putting the rooms to use and making money from the house means someone will operate a business inside it, that itself has taxes on it, legal structures, and so on, the DAO can make the decisions, but it's a massive money drain and you will have to raise money quite frequently. Again, someone will have to be responsible to operate the decisions of the DAO in the real world, and that "centralizes" the decision, what happens if the one responsible for actually transforming the decisions into actions does something different from the decided thing? What do you think about these issues?
John Sinek
The One DAO
Maker
@luanmuniz Hey Luan, Thanks for these valid questions! Ownership - yes, you are right, a crypto address can't easily own a physical asset, however this would not be the first DAO to buy and own an asset in the real world. In this case, real estate. There would be a series of LLCs formed, which would enable the ownership and management of the Asset (in this case Real Estate) by the DAO (inspiration taken from here: https://jmasonbump.medium.com/se...). If the DAO is successful in acquiring The One, we would of course work with lawyers to ensure that everything is sound - both in the real world, as well as in the virtual world. Taxes: as the asset would be generating income, it would pay the taxes. This goes hand in hand with the maintenance costs, which will be very high (on average - 4% of the value of the asset, per year. In this case, lets assume 6%). As the home has 21 rooms, let's say on average housing 2 people per room, that would be 15 thousand people that the house can accommodate, per year. As its in a prime location and the house itself is quite famous, short term rentals would make financial sense, as would renting the other parts of the home (bowling alley, night club, pools etc.). Given the size and location, there are many options to generate revenue from the house. And especially since the DAO would consist of many people, I am sure many DAO members would come with proposals on what to do with the house.
Alessandro Mannino
Bumper Showroom
@thejansulek Really interesting idea, I have a few follow up questions to try to understand this better: 1. Considering most people wouldn't want to share a room with a complete stranger, is it realistically 15k that the house can accommodate per year? 2. Maybe I'm just ignorant because I haven't owned a 105k SQFT house in California, but given that it seems like the house is in a residential community would the city allow parties, events, night club etc. to take place? Is there even enough parking for all the people that would attend? In my neighborhood as soon as 15 cars show up the cops are right behind them. Also just thinking through potential ordinance issues, since I'm guessing it's currently a residential property and if business transactions were to happen it would have to be turned into a commercial property. 3. Lets say everything does go well and the property is actually profitable at the end of the year with the revenue it generates from events, parties etc. What would happen with that profit?
Giacomo Bottoli
Trellis AI
Hey @thejansulek ... first of all congrats on the launch! 🚀🙌 Just a quick question ... I was wondering, do you already have an idea of what the entry fee to be part in the DAO will be - approximately? Just trying to do some maths to understand what makes sense from an economic stand-point (also based on the number of members the DAO will have of course) 😅
John Sinek
The One DAO
Maker
@giacomo_bottoli Hey Giacomo, there is no minimal fee to be part of the DAO. Your ownership percentage will then determine your voting rights, or the weight of your votes.
Ravi Bajnath
🤮
Wess Zoghlami
Bubble signs keep coming
Gautham Ram
Sorry but no
Oleksiy Malytskyy
Hello! I really like this idea, but i can't understand it at all, what you will do if many thousands of people want to be a part of your community? You want to make it like full- time all inclusive coworking for crypto?
John Sinek
The One DAO
Maker
@oleksiy_malytskyy That's the beauty of it - the DAO will decide. Even if there would be 15 thousand members, at 21 rooms and say 3 beds per room on average, everyone could stay in the house for one night. Couple that with Events that can take place at the location, Night Club etc. there are many possibilities. A coworking space is also one of them, and it would make sense, especially since the users in the DAO will be international. They can then stay a night, work a few days, enjoy the amenities etc.
John Sinek
The One DAO
Maker
Hello Product Hunt! I've been fascinated by The One in Bel Air - one of the most outrageous mansions ever built. It is going to auction at the end of February and with 21 bedrooms, 49 bathrooms, five pools, six elevators, a 20-car garage, and a 105,000-square-foot living space, it does not make sense for a family or multiple families to live in such a house. So who should buy it? A DAO. With 21 bedrooms, 2 people per room, The One can easily accommodate 15,330 people per year. That means 15,330 members of the DAO will be able to spend a night in The One. The other amenities, such as a club, bowling alley, five pools etc. will allow the DAO to throw parties for its members, bowling tournaments and whatever else the DAO votes to do. Follow us on Twitter for future updates: https://www.twitter.com/theone_dao Here is a video tour of The One Bel Air:
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