Archinect - News

Bel Air 'The One' megamansion — once aiming for half-billion-dollar listing price — sells at bankruptcy auction

2022-03-07T12:03:00-05:00

The mega-mansion known as “The One” sold Thursday for $126 million at a bankruptcy auction. That’s a huge discount from its $295-million listing price, even with a 12% auction fee bringing the total to about $141 million. Concierge Auctions, which handled the sale, said its auction site drew views from 170 countries, including Australia, the United Kingdom, Germany, France and Italy — and generated some 2,800 prospects.

Developer Nile Niami had said during its construction that he hoped to someday see the 105,000-square-foot megamansion sell at a price point around $500 million. The One eventually went into default and was last seen in October when it was placed under receivership by the county.

Previously on Archinect: $500 million Bel Air megamansion defaults on $165 million debt, enters receivership

The LA Times reported that only five bidders from the United States and New Zealand participated in the auction and that the name of the buyer, which could very easily be a limited liability corporation, will be released Tuesday via a required entry before U.S. Bankruptcy Court judge Deborah Salzman. At least one area realtor speculated that the dearth of interested buyers came as an indirect result of Russia’s invasion in Ukraine.

“The buyer pool for this is very small,” Compass’ Brent Change told the paper, “and with everything happening in Russia, all of a sudden those Russian billionaires who may...

$500 million Bel Air megamansion defaults on $165 million debt, enters receivership

2021-09-09T15:32:00-04:00

A Los Angeles megamansion once expected to list for $500 million has gone into receivership after the owner defaulted on more than $165 million in loans and debt, according to court filings. The 105,000-square-foot Bel Air estate, known as “The One,” was placed into receivership by the Los Angeles County Superior Court and is expected to be relisted at a lower price in the coming months, according to people familiar with the property.

In July, the Los Angeles County Superior Court named Ted Lanes of Lanes Management as receiver, who is now tasked with preparing "The One" for sale and selling it to recoup debts owed to lenders. The megamansion is expected to be listed on the market in the coming months once Lanes secures the proper permits and certificate of occupancy. The price and timing haven’t been determined yet, said Lanes.

Previously on Archinect: The half-billion-dollar Bel Air giga-mansion is still looking for a buyer

“What I would love to see happen is that the house gets completed, the certificate of occupancy is awarded, and we have an orderly sale that maximizes the value,” Lanes shared. “Hopefully, there will be sufficient proceeds from the sale to fund the secured and unsecured creditors and for the equity to realize some value.”

As stated by CNBC, it’s currently unclear whether "The One" will sell at a high enough price to pay off all the debt.

The half-billion-dollar Bel Air giga-mansion is still looking for a buyer

2018-03-05T14:14:00-05:00

The construction of this and other so-called giga-mansions underscores a new gilded age in the United States and especially in LA. [...] The splurge comes amid a housing shortage that has fuelled a homelessness crisis, with 57,000 people without permanent shelter in LA county [...]. The Los Angeles Times columnist Steve Lopez compared the city’s hilltop mansions to giant tombstones marking the death of humility.

The Guardian takes a peek into the world of ultra-luxury real estate developer Niles Niami whose latest endeavor—the sprawling Bel Air hilltop giga-mansion with its four swimming pools, 20 bedrooms, movie theater, and nightly club aptly called The One—frequently makes the news for being America's priciest home. Clocking in at $500m, the property is still waiting for a billionaire buyer.

$500,000,000 spec house under construction in LA

2015-11-11T22:29:00-05:00

"Nobody really reads books," Niami says, "so I'm just going to fill the shelves with white books, for looks." Stepping past the nightclub's outdoor lounge area where circular banquettes will seem to float next to a two-story waterfall, he says: "I really think that this house is going to do a lot for L.A. Anybody who lives in the area is going to be proud to be near it."

Go ahead and hate!

About half of the tennis court had to be built on pilings to account for the land's contours. This niche will have a covered viewing area and a fire pit.
The infinity pool for the guesthouse, which, when built, will be 5,000 square feet itself.
The motor court and the main house's entrance hall; a fire display will greet guests as they step inside.
The gigamansion's main guard gate (there will be a separate area, with monitors, for keeping an eye on the whole estate).
The property will be surrounded on three sides by a moat and other water features, which will make the whole thing appear to be floating.
The "sky deck," as Niami refers to it, will have a putting green, a bar, a lounge area, and covered loggias.

This Bel Air home could be yours for a mere half billion dollars (yes, B-illion)

2015-05-28T13:08:00-04:00

One of the biggest homes in U.S. history is rising on a Los Angeles hilltop, and the developer hopes to sell it for a record $500 million. Nile Niami, a film producer and speculative residential developer, is pouring concrete in L.A.’s Bel Air neighborhood for a compound with a 74,000-square-foot (6,900-square-meter) main residence and three smaller homes, according to city records. [...] including a 5,000-square-foot master bedroom, a 30-car garage and a “Monaco-style casino,” Niami said.

Rendering of the "largest home built in the U.S. this century." (Image: McClean Design; via bloomberg.com)

Previously: The Biggest House in the US (according to Curbed) is Now Underway in Bel Air

The Biggest House in the US (according to Curbed) is Now Underway in Bel Air

2014-06-16T19:29:00-04:00

Work is already underway in Bel Air on a megacompound that will include the largest single-family house in the US. The enormous project, at the dead-end of Airole Way above the Bel-Air Hotel, comes from megamansion developer Nile Niami, and is slated to total 85,000 square feet with a 70,000-square-foot main house. [...] The [Los Angeles Business Journal] guesses America's newest mega-megamansion will be listed "in the $150 million-plus range."