Last month, we told you about The One, which is the largest and most expensive residence in not just Los Angeles, but in the entire world. The 105,000-square-foot luxury property is the latest spec mansion from movie producer turned real estate developer Nile Niami. This extravagant home, sitting on five acres and surrounded by a moat, gives the illusion of floating above the city. Built over eight years with the help of 600 workers, The One was expected to hit the market for an astounding $500 million in 2018.
The financial situation surrounding The One has taken a concerning turn. The LA Times recently reported that the $82.5 million loan taken out for the construction of this massive estate is now in default. Consequently, the debt tied to the property has surged to $110 million, including unpaid interest. This loan was advanced by Los Angeles financier Don Hankey, who is primarily known for providing subprime auto loans.
Construction on this grand estate began in 2013, coinciding with a trend of developers creating ultra-expensive spec mansions boasting price tags exceeding $100 million. The One features a staggering 21 bedrooms and 42 bathrooms, spread across four separate structures. The main house alone covers 74,000 square feet, while the master suite is a lavish 5,500 square feet, complete with multiple bathrooms, two walk-in closets, and its own infinity pool. Additionally, the garage is spacious enough to accommodate 30 cars, and there are countless amenities, including a four-lane bowling alley, a 30-seat movie theater, a private nightclub, and a philanthropy wing designed for charity galas accommodating up to 200 people. With a 10,000-square-foot sky deck and five swimming pools, the interior of The One is crafted to resemble a high-end luxury hotel, boasting an impressive art collection and bespoke furniture from byShowroom.
| Attribute | Description |
|---|---|
| Property Name | The One |
| Location | Los Angeles, California |
| Size | 105,000 square feet |
| Bedrooms | 21 |
| Bathrooms | 42 |
| Amenities | Bowling alley, movie theater, private nightclub, infinity pool |
| Market Price (2018) | $500 million |
Nile Niami, the mastermind behind this monumental creation, has an intriguing backstory. He began his career in the entertainment industry as a special effects technician for low-budget horror films before making a significant shift into real estate development. His journey started with flipping affordable homes in the suburbs of L.A. His first major success was in 2012 when he sold a home to the Winklevoss twins for $18 million. Since then, he has made several notable sales, including a custom-built mansion sold to P. Diddy for $39 million in 2014 and a Beverly Hills mansion sold for $38.3 million in 2016.
Niami continues to be a fascinating figure in the real estate world. In 2018, he was reported to have attended a celebrity-favored fasting retreat to prepare for his trip to Burning Man. His personal residence is a 10,000-square-foot mansion, housing his collection of vintage Playboy magazine covers. Rumor has it that he even contemplated pitching a reality show titled "The Mansion Maker," showcasing his extravagant lifestyle.
Earlier this year, it seemed Niami was preparing to list The One for $340 million. However, he has yet to do so. Hankey speculates that Niami is waiting for the market to improve, a strategy that raises eyebrows given the current booming sales of luxury homes in Los Angeles despite the pandemic. Hankey also claims that Niami has multiple creditors pushing him to put the home up for sale. In a worst-case scenario, Niami could face foreclosure, leading to the loss of this monumental property.
