The One (Los Angeles) Explained

The One
Map Type:USA Los Angeles Metropolitan Area#California#USA
Pushpin Label:The One
Location:944 Airole Way
Bel-Air, Los Angeles, California, U.S.
Start Date:2014
Completion Date:2021
Building Type:Mansion
Architect:Paul McClean
Architectural Style:Modernist
Developer:Nile Niami
Owner:Richard Saghian

The One is a private residence in Bel Air, Los Angeles, California, United States. It is a compound of a main residence and three smaller houses in the modernist style and was developed by Nile Niami. The property is on .

Construction began in 2014. Following delays, it was completed in 2021. Niami initially sought to sell the mansion for $500 million, but his company fell into bankruptcy and the building sold at auction for $126 million, a record auction sale price in the United States.

Design and construction

Nile Niami purchased the 3.8acres lot on a hilltop in Bel Air, Los Angeles, for $28 million in 2012. The plot has a 360-degree view of the Pacific Ocean, Downtown Los Angeles, and San Gabriel Mountains. The property had a 10000ft2 house, which Niami demolished. Construction began in 2014.[1] Workers removed of dirt from the property in 5,000 truckloads, a process which took two years to complete.[2] Residents of Bel-Air who opposed the project formed a homeowners alliance, which was led by Fred Rosen, the former chief executive officer (CEO) of Ticketmaster, who insisted that it should be permitted as a commercial development.[3] In December 2016, the Los Angeles City Council approved rewriting city ordinances to more strictly regulate the size of new homes being built in single-family neighborhoods and areas with hills.[4] Niami intended to have The One completed by 2018,[2] but the construction experienced delays and it was not completed until 2021.[1]

The One was designed by Niami and Paul McClean, who was also the architect, and Kathryn Rotondi, the interior designer.[1] Niami named it "The One", as Niami insists that there is no house like it, and said that he wanted to list it for sale at $500 million.[5] The One is a private residence designed with modernist architecture.[6] The property is a total of, including a 74000ft2 main residence and three smaller guest houses.[7] The One has 21 bedrooms and 42 bathrooms, with a 5500ft2 primary suite. The One also has a 10000ft2 skydeck, putting green, a 30-car garage with two display car turntables, four-lane bowling alley, movie theater, nightclub, hair salon, a "philanthropy wing" designed to host charity galas with up to 200 guests, and a "Monaco-style" casino.[1] [8] The property has a 400feet jogging track and five swimming pools, including a moat with an infinity edge.[1] [9] [10] Fortune estimated the mansion would require 50 HVAC systems and cost $50,000 a month in electricity costs to cool during the summer.[11] The One contains custom art pieces made by Niclas Castello, Mike Fields, Stephen Wilson, and Simone Cenedese.[1] [9]

Reception to the home's design was mixed, with the Los Angeles Times writing, "Some think it’s the ultimate trophy home, others are convinced it’s a giant white elephant clad in marble and glass that one local broker has sarcastically dubbed '100,000 square feet of drywall.'"[12]

Financial troubles and sale

Niami acknowledged that he had to halt construction at times due to a lack of financing.[13] Niami borrowed $82.5 million from Don Hankey's investment fund, Hankey Capital, in 2018. The debt grew to over $110 million by March 2021, when Hankey served Niami with a notice of default, giving Niami 90 days to repay the debt.[14] Crestlloyd, Niami's limited liability company, defaulted on a total of $165 million of debt stemming from the property in March 2021.[15] Crestlloyd went into bankruptcy under Chapter 11 in an attempt to prevent The One from falling into foreclosure,[16] but the Los Angeles County Superior Court put the property into receivership in July.[17] Niami sought to create a cryptocurrency called The One Coin that would be backed by the house to raise funds to pay off the debt, but the plan did not succeed.[18]

Concierge Auctions listed the compound for sale at $295 million in January 2022.[19] It did not receive an offer and went to a bankruptcy auction in March 2022, where it sold to Richard Saghian, the CEO of Fashion Nova, for $126 million[20] plus a 12 percent commission to the Concierge Auctions that raised his total investment to $141 million. The sale set the record for the largest property sale at auction in the United States, topping the Hearst Estate in Beverly Hills, which sold for $63.1 million in 2021.[21] The house lacked a certificate of occupancy and required an estimated $20 million in additional construction costs at the time of the sale.[9]

Niami attempted to contest the sale, looking to raise $250 million from investors before the sale could be approved by the bankruptcy court, while other creditors objected to the sale because of the lower than expected price.[22] However, a judge approved the sale.[23] Creditors filed lawsuits over the proceeds of the sale.[24]

In popular culture

Loot, an Apple TV+ series, was filmed at The One in 2021.[25]

See also

Notes and References

  1. Web site: The World's Largest—and America's Priciest—Home Is Ready for Its Close-up . January 12, 2021 . Architectural Digest . January 20, 2024 . February 9, 2024 . https://web.archive.org/web/20240209115046/https://www.architecturaldigest.com/story/the-worlds-largest-and-priciest-home-is-ready-for-its-close-up . live .
  2. Web site: Who Wants to Buy the Most Expensive House in America? . Candace . Jackson . The New York Times . December 23, 2017 . February 26, 2024 . February 27, 2024 . https://web.archive.org/web/20240227002742/https://www.nytimes.com/2017/12/23/style/the-most-expensive-house-in-america.html . live .
  3. Web site: World's priciest home: O.C. designer creates a plan for $500 million L.A. 'giga-mansion' . Jeff . Collins . Orange County Register . February 25, 2016 . February 25, 2024 . February 26, 2024 . https://web.archive.org/web/20240226050459/https://www.ocregister.com/2016/02/25/worlds-priciest-home-oc-designer-creates-a-plan-for-500-million-la-giga-mansion/ . live .
  4. Web site: L.A. backs measures to roll back 'mansionization' in single-family neighborhoods . David . Zahniser . Los Angeles Times . December 7, 2016 . February 26, 2024 . February 27, 2024 . https://web.archive.org/web/20240227002742/https://www.latimes.com/local/lanow/la-me-ln-mansionization-measures-20161207-story.html . live .
  5. News: America's costliest house: developer takes $500m gamble on Bel Air eyrie . Rory . Carroll . March 4, 2018 . The Guardian . January 20, 2024 . January 20, 2024 . https://web.archive.org/web/20240120053529/https://www.theguardian.com/us-news/2018/mar/04/most-expensive-house-los-angeles-niles-niami . live .
  6. Web site: Gigamansions and the new Gilded Age . Frances . Anderton . . September 18, 2018 . January 23, 2024 . January 23, 2024 . https://web.archive.org/web/20240123215224/https://www.kcrw.com/culture/shows/design-and-architecture/gigamansions-and-the-new-gilded-age . live .
  7. Web site: California Dreaming: Record $500 Million Tag on L.A. Home . John . Gittelsohn . Bloomberg . May 25, 2015 . January 20, 2024 . February 7, 2023 . https://web.archive.org/web/20230207181527/https://www.bloomberg.com/news/articles/2015-05-26/california-dreaming-record-500-million-tag-on-l-a-home . live .
  8. Web site: 7 Things to Know About the Coming $500 Million Mega-Mansion in Bel Air . Kristin . Tablang . Forbes . January 20, 2024 . January 22, 2024 . https://web.archive.org/web/20240122185833/https://www.forbes.com/sites/kristintablang/2015/06/30/500-million-bel-air-mansion-paul-mcclean/ . live .
  9. Web site: Watch: An Exclusive Tour Inside Bel-Air's $126 Million 'the One' Megamansion . Helena . Madden . . March 14, 2022 . January 20, 2024 . June 6, 2023 . https://web.archive.org/web/20230606060445/https://robbreport.com/shelter/home-design/watch-exclusive-tour-inside-bel-airs-126-million-the-one-megamansion-1234668454/ . live .
  10. Web site: Take a look inside the most expensive home in America: a $500 million California mansion . Emmie Martin . CFP® . September 27, 2017 . CNBC . January 20, 2024 . January 19, 2024 . https://web.archive.org/web/20240119104146/https://www.cnbc.com/2017/09/27/most-expensive-house-in-the-u-s-worth-500-million.html . live .
  11. Web site: It costs around $50,000 a month to keep Bel Air mega-mansion 'The One' cool in the summer . Chris . Morris . October 3, 2022 . Fortune . en . March 5, 2024 . June 30, 2023 . https://web.archive.org/web/20230630234203/https://fortune.com/2022/10/03/bel-air-mega-mansion-the-one-electric-bill/ . live .
  12. Web site: February 27, 2022 . 'The One' mega-mansion is up for auction. Whoever buys it may soon have a mega-headache . April 21, 2023 . Los Angeles Times . en-US.
  13. Web site: Nile Niami Is L.A.'s Megamansion King. Has He Built a House of Cards? . Wall Street Journal . Katherine . Clark . July 1, 2020 . January 21, 2024 . April 18, 2023 . https://web.archive.org/web/20230418072521/https://www.wsj.com/articles/nile-niami-is-l-a-s-megamansion-king-has-he-built-a-house-of-cards-11593624628 . live .
  14. Web site: Foreclosure looms for Nile Niami's infamous mega-mansion 'The One' . March 9, 2021 . Los Angeles Times . January 20, 2024 . January 17, 2024 . https://web.archive.org/web/20240117191830/https://www.latimes.com/business/real-estate/story/2021-03-08/foreclosure-looms-for-nile-niamis-infamous-mega-mansion-the-one . live .
  15. Web site: Most expensive home in America defaults on $165 million in debt, heads for sale . Robert . Frank . September 8, 2021 . CNBC . January 20, 2024 . March 5, 2024 . https://web.archive.org/web/20240305050354/https://www.cnbc.com/2021/09/08/most-expensive-home-in-america-defaults-and-heads-for-sale.html . live .
  16. Web site: Fight over 'The One' mega-mansion heads to Bankruptcy Court . October 27, 2021 . Los Angeles Times . January 20, 2024 . January 13, 2024 . https://web.archive.org/web/20240113001432/https://www.latimes.com/business/story/2021-10-27/the-one-megamansion-nile-niami-bankruptcy-foreclosure-crestlloyd-hankey . live .
  17. Web site: Mega mansion once worth $500 million defaults on $100 million in debt, forcing a sale . Anna . Bahney . CNN Business . September 17, 2021 . January 21, 2024 . April 21, 2023 . https://web.archive.org/web/20230421180347/https://www.cnn.com/2021/09/15/homes/bel-air-mansion-the-one/index.html . live .
  18. Web site: 'The One' heads for February auction. But Nile Niami hatches a crypto counterplan . December 28, 2021 . Los Angeles Times . January 20, 2024 . December 30, 2023 . https://web.archive.org/web/20231230053917/https://www.latimes.com/business/story/2021-12-27/the-one-auction-february-despite-nile-niami-cryptocurrency-plan . live .
  19. Web site: A Los Angeles megamansion could sell for $295 million . Jacqui . Palumbo . January 6, 2022 . CNN . January 20, 2024 . October 5, 2023 . https://web.archive.org/web/20231005022132/https://www.cnn.com/style/article/the-one-megamansion-bel-air-auction/index.html . live .
  20. Web site: See inside the biggest modern home in the US, a 105,000-square-foot Los Angeles megamansion that sold for $126 million to Fashion Nova's billionaire CEO . Sarah . Jackson . Business Insider . January 20, 2024 . January 19, 2024 . https://web.archive.org/web/20240119200719/https://www.businessinsider.com/photos-225-million-mansion-the-one-biggest-modern-home-us-2021-9 . live .
  21. Web site: Nile Niami's The One Megamansion Sells at Auction for $126M . Trevor . Bach . March 4, 2022 . The Real Deal . January 20, 2024 . September 24, 2023 . https://web.archive.org/web/20230924233015/https://therealdeal.com/la/2022/03/03/niamis-the-one-goes-for-126m/ . live .
  22. Web site: Developer Nile Niami floats last-ditch plan to retain control of 'The One' mega-mansion . March 15, 2022 . Yahoo Finance . January 20, 2024 . April 5, 2022 . https://web.archive.org/web/20220405035931/https://finance.yahoo.com/news/developer-nile-niami-floats-last-173621041.html . live .
  23. News: Judge Approves $126 Million Sale of The One Megamansion, Despite Lender Objections . Katherine . Clarke . WSJ . March 21, 2022 . January 21, 2024 . April 12, 2023 . https://web.archive.org/web/20230412202712/https://www.wsj.com/articles/judge-approves-126-million-sale-of-the-one-megamansion-despite-lender-objections-11647903834 . live .
  24. Web site: The auction of The One mansion was a dud. Now the fight over the proceeds is getting ugly . July 1, 2022 . Los Angeles Times . January 20, 2024 . December 2, 2023 . https://web.archive.org/web/20231202122419/https://www.latimes.com/business/story/2022-07-01/the-one-megamansion-don-hankey-nile-niami-inferno-bankruptcy-lawsuit . live .
  25. Web site: June 8, 2022 . Maya Rudolph's New Show Was Filmed at One of the Largest Homes in the Country . live . https://web.archive.org/web/20230409040514/https://www.architecturaldigest.com/story/maya-rudolph-show-loot-the-one-house . April 9, 2023 . January 20, 2024 . Architectural Digest.

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