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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.
— Los Angeles Times
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... View full entry
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. — CNBC
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... View full entry
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
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... View full entry
"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." — DETAILS
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... View full entry
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.
— bloomberg.com
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 View full entry
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."
— la.curbed.com
