There’s an old saying, “the bigger they are, the harder they fall.” That’s certainly true of Nile Niami’s gargantuan mega-mansion, “The One,” which has gone into receivership after accumulating millions of dollars in loans and debts.
The 105,000-square-foot Bel Air behemoth, originally touted as “the largest and most expensive urban property in the world,” was commissioned by the producer turned developer almost a decade ago. It was originally valued at $500 million but is now facing a court-ordered sale to recoup the money owed to lenders.
Niami reportedly defaulted on more than $165 million in loans used to finance the project, according to court filings obtained by CNBC. The largest lender, Hankey Capital, apparently has more than $115 million in loans on the property. Yogi Securities Holdings provided another $36 million while Inferno Realty and Maybach Corporation Holdings loaned around $7 million, respectively. The manse also has more than $1 million in unpaid taxes and debts from construction companies. That was enough to make the Los Angeles County Superior Court intervene and put a third party in control of the property.
The court named Ted Lanes of Lanes Management as receiver, and he will be required to prepare the One for sale. After Lanes can secure a certificate of occupancy, the property is expected to be relisted at a lower price.
That could spell a unique opportunity for the right plucky investor. Although unfinished, the One is one helluva property. Designed by renowned Los Angeles architect Paul McClean, the expansive abode sits on an 8-acre promontory overlooking the city and boasts a staggering 20 bedrooms and 30 bathrooms. The pick of the bunch is the primary suite, which spans some 5,500 square feet for a footprint that is bigger than most New York City condos.
It also boasts a laundry list of over-the-top luxury amenities, such as a full-size nightclub, bowling alley, cinema, spa, tennis court, multiple swimming pools and a 10,000-bottle capacity wine cellar. The manse also features an underground garage for 50 cars that comes complete with two auto turntables.
Fingers crossed someone falls in love with the One and can finish what Niami started. For his sake, at least.
You can check out a two-part video tour below: