Built by a former film producer turned developer, The One was arguably the most extensive and most expensive mansion in America with the initial asking price of $500 mio, which would have rendered it one of the most expensive and biggest modern homes in the world.
If you wonder when this property will be on the market and the price it will be listed for, you are on the right page. This article will explore this Bel-Air mansion that has taken more than eight years to plan and construct.
This Post is about the One in Bel Air from Nile Niami
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About The One
The massive mansion sits on a 5-acre promontory on a hill in Bel Air, with breathtaking views of the plebs below. Nile Miami pitched the home and marketed it for years before the bankruptcy in his Instagram account.
Renowned architect Paul McClean designed the house while Kathryn Rotondo designed the interior. McClean and Kathryn have had a long-standing relationship with Nile and worked on his other projects, so it is no surprise that they delivered on this project.
This mansion was among the dozen spec mansions that became prominent in 2014 in the Bel Air hills and Beverly Hills. This is after Bruce Makowsky, a fashion magnate, sold a spec mansion for $70 million in Beverly Hills.
Other than its sheer size, something else that is outstanding about this property is the list of amenities in this house. As you get to the home’s entry, you will be met with beautifully designed gathering areas featuring breathtaking views of the Pacific Ocean, the San Gabriel Mountains, and downtown Los Angeles. The 10,000 square meter home features 26-foot ceilings, five pools, 20 bedrooms, a three-bedroom guest house, and 42 bathrooms. There is a 50-car garage with two turntables for displaying luxurious cars as well.
According to a home tour posted on Youtube, the house also hosts a library with its own balcony, a 50-seat movie theatre equipped with white leather seats, a wellness center and gym, a tennis court, a candy room, and a juice bar. Not to forget a colorful beauty salon with pedicure, washing, and cutting stations.
There is a private bowling alley with four lanes and bowling balls available. What’s more, the bowling alley also includes shelves with bowling shoes. The living room is large enough and provides adequate space for the family to lounge. The guest house is designed with parquet flooring and an Oto Murano chandelier.
The architect separated the living room from the entertainment room to make the home feel more livable. The living space however is located on the lower level, while the entertainment space is on the upper level.
Future owners will also get access to a sky deck equipped with a golf putting green. Interestingly, this residence has seven water features with five swimming pools.
Out of the five swimming pools, two are outdoor swimming pools, while another one sitting atop a 4,000 square-foot bedroom. The 3rd swimming pool is indoors, with a mirrored ceiling and living wall. The other pool is on the rooftop, while the 5th one serves as a floating lounge to offer more relaxation to future owners.
The mansion’s yard’s focal point is a sculpture from Simone Cenedese, a renowned Italian glassmaker. There is a rotating sculpture inside the house’s foyer. Every door in the house is electric.
During a home tour thanks to YouTube personality, Michael Blakey, Nile revealed that the residence featured a 370-square walk-through master suite that has its own pool. The master bedroom measures 4,000 square feet and is equipped with a walk-in closet that can accommodate clothes, shoes, and accessories.
Creative Art Partners collaborated with Art Angels to create an impressive art collection that fills the gallery. Part of the collection involves a Niclas Castello black and silver panel that is located in the office. The library features a custom-made black lacquer from Italy. The house also includes bespoke furniture that was made by Showroom.
During the special video tour, Michael touted the home as the biggest and most expensive in the world. It was also here that Nile indicated his intention to host potential events, start-up companies, and Netflix shows in the home.
A Google Forms application was made available for prospective buyers to fill out even though the mansion was not yet listed on the market. Buyers were asked to fill out their contact information and from which influencer they got the information on the mansion’s sale.
In 2015, Nile revealed that the mansion was built with a specific buyer in mind, who has remained anonymous. According to previous reports, the mansion targets tech tycoons like George Ruan, who founded Honey and sold to PayPal for $4 billion and bought an $80 million property. The other suspect is Jan Koum, who used more than $300 million on California real estate after selling WhatsApp to Facebook.
However, no buyers were identified even when the property was put on the market. Unfortunately, this was still the case even when the asking price was lowered to $340 million earlier on in the year. This is, however, not surprising as no one would be willing to part with such an amount only to get an unfinished house. Some people believed that the $340 million price tag matched the property’s magnitude, unlike its initial asking price of $500 million.
An Overview of The One Development
‘The One, which was initially dubbed the most extensive and most expensive urban property worldwide, has gone into receivership following loans and debts in millions of dollars. Originally priced at $500 million, the 105,000 square foot property now faces a court-ordered sale in a bid to pay the debt to lenders.
Known for his bold personality in the real estate market, Nile Niami borrowed up to $82.5 million in 2018 from Hankey Capital. Hankey Property was founded by Don Hankey, a Los Angeles billionaire. In total, Hankey has more than $115 million in loans on the massive property.
Nile also borrowed the money from three other lenders, including Yogi Securities Holdings that loaned $36 million, Maybach Corporation Holdings that loaned $7 million on the property, and Inferno Realty that loaned $7 million. The financing was used to continue building the enormous mansion, and it was set to be completed back in 2017.
However, the mansion suffered many financial delays and complications, making it impossible for it to get to the market as early as expected. Court documents indicated that Nile had failed to pay more than $100 million in debts and loans to finance the project.
Following this, Hankey served a notice of late payment in March 2021, and Niami was given 90 days to repay the debt or renegotiate it. This is usually the first step for properties under the foreclosure process.
Unfortunately, he could not make the payment by July, which put the property at risk of a forced foreclosure sale. There are several ways that Niami could prevent a forced sale, but none is without predicament. He could pay back a part of the entire loan, declare bankruptcy to delay the sale or enter an alternative agreement with the lender.
However, the property was placed under court-ordered receivership rather than undergoing a foreclosure sale. Generally, receiverships are more preferred than a foreclosure in the event of large or complex real estate.
In a foreclosure, the bank or the lender has the right to seize the property, which can cause more delays and add to the risks. On the other hand, the receiver is tasked with completing any necessary construction work, preparing the house for sale, and paying off lenders and creditors in receivership. Besides, the lenders and creditors get a notice period to make their case.
The Los Angeles County Superior Court appointed Theodore Lanes of Lanes Management Services, led by Ted Lanes, as the receiver. This means that Ted Lanes controls the property, and he is tasked with getting the property ready for sale and accounting for the debts. Ted will then find a buyer for the property and use the proceeds to pay off the lenders and the creditors.
According to the LA Times, the property is now being sold for $225 million from the original price of $500 million. Nile told The Times that the asking price of $225 was too low, and he hoped that he could bring his event idea to fruition.
The Complications Involved
Lanes filed the first report with the court and stated that the property was not yet ready to get to the market as there were still some complications to be solved. Lanes said that there was a lot of document listing to be done, including getting a permit to build to construct a commercial-grade catering kitchen. Hence, the kitchen has not yet been built since the permit was denied, and the space remains empty.
He also said that there was a need to get a certification of occupancy in order to get services from the gas company. Currently, the gas company will not offer its services until the certification is acquired. In an email sent to CNN Business, Lanes said that he is still trying to uncover the various issues that need to be dealt with. Some of these issues include getting the necessary permits and plans when building a house.
He also needs to settle agreements with a furniture staging company, the gardener, and an artist whose work is featured in the house. In his report, Lanes also indicated that the mansion had arrears in unpaid taxes worth $2 million. This includes invoices to vendors for air conditioning, concrete, and scaffolding.
The safety of the mansion is another challenge that needs to be addressed. Lanes said that social media users tried to sneak into the property to get a glimpse of the massive mansion.
However, this has led to intruders and has become a threat to the property.
According to the report, Lanes said that the priority was to obtain insurance for the property. The insurance coverage for the property had ended in early 2021. There was also a need to prioritize safety and develop the proper budget and timeline to get a certificate of occupancy. Lanes said that this would maximize the value of the property and render it more marketable.
He hopes there will be enough proceeds from the sale to finance the secured and unsecured creditors. From the proceeds, Lanes also hopes there will be enough money for the equity to get some value.
The One has also attracted issues with the Bel-Air Homeowners Alliance. According to the chairman, Fred Rosen, the house was too big and would instead have been considered a commercial project. Hence, it would have been subjected to more stringent measures.
About Nile Niami and His Journey in Real Estate
‘The One’ chief developer is Nile Niami, arguably the most famous mega-mansion developer in LA. Nile has made a name for himself in the real estate industry for developing ultra-high-end mansions, targeting billionaires.
Born in the state of California in 1968, this real estate developer has developed giga-mansions in Holmby Hills and Bel Air. Initially, Nile Niami was a film producer and has produced 15 films, most of them which are B movies like Point Blank, Terminal Force, and The Patriot.
He later showed interest in the real estate industry, and this is where he began designing Hollywood Hills homes that cost around $20 million. He later developed big homes and mega-mansions and sold them to celebrities like P-Diddy, Calvin Klein, Floyd Mayweather, and Winklevoss Twins.
Niami bought ‘The One’, which was initially a mid-century modern mansion left in a miserable condition, and spent millions to revamp it. In 2015, he did his first public interview revealing the amenities in the house. He mentioned that the house would have a room dedicated for storing fresh flowers, a room with tanks of live jellyfish, a room for candy, and a Perma frozen room with an ice bar.
In a 2017 interview with CNBC, Nile said that many people have money and are looking for something that no one else owns. According to Nile, The One fits the category. However, most of these amenities proved too costly and impractical to achieve and had to be done away with. Some of these include the jellyfish room, the ice bar, the fresh flowers room, and the catering kitchen.
Although Nile had promised that the house would be on the market in several weeks, there were many delays, and it never came to the market. The mansion’s completion was already behind schedule in 2018 when Nile revealed the listing price of $500 million.
In November, Nile’s spokesman said workers were doing the final touches on the house’s interior. A month after this announcement, Nile asked Rayni Williams of Beverly Hills Estates and Aaron Kirman to co-market the mansion. Although Rayni said that the property would list at the end of the year, it never came to be.
Instead, Nile has focused on marketing and selling other properties at discounted prices. He sold his own Hollywood Hills home in December and placed a Hollywood mansion into bankruptcy.
In April, Nile sold a mansion in Bel Air for $ 36 million. Initially, the property’s asking price in 2018 was $65 million. According to a report by Realtor.com, he sold another mansion in West Hollywood for $26 million. Nile also sold a Beverly Hills mansion for $38 million to one of the property lenders, Englanoff. The initial asking price of the property was $100 million.
Nile has also been in the books of creditors. He is currently being sued for debt on some of his properties. He has defaulted payment of $23.4 million on a Bel Air home and a $10 million debt for a Hollywood Hills home. Court documents indicate that he owes Real Estate firm Compass for defaulting on a $200, 000 loan that he borrowed to sell a home in Bel Air.
What Does the Future Hold For ‘The One?
At the moment, there is no clear information on whether the Bel Air mansion will come to the market or the listing price. This is especially true because Lanes said that there is an extensive list of things to be addressed before the property can be put on the market. He went on to say that he was in the process of evaluating strategies and proposals from several potential listing agents.
Even with the decreased price, finding a buyer for the most prominent urban property worldwide was challenging. However, it is expected that The One will hit the market several months after Lanes has secured a certificate of occupancy.
It is still unclear whether it will sell at a good enough price to pay off the debts. Besides, Lanes has admitted that The One is a unique property that may be difficult to price. Well, we are all waiting to know the asking price of the property once Lanes has secured the occupancy certificate and addressed all the issues.
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