The discount for this mansion can buy entire neighborhoods.
A property in Los Angeles with an area of about 105,000 square feet, called “The One”, was declared in its marketing materials as a “masterpiece of a property that truly redefines luxury” – with “all imaginary amenities” and part of a real estate that is “the first and last of its kind.”
But the Bel-Air giant, which once aimed to hit the market for a record $ 500 million, was sold at auction without a reserve on Thursday for $ 126 million – or about $ 141 million, including the premium – according to a statement from Concierge Auctions, which handled the sale.
“In just 55 days, we have secured a strong field of global interest from America to Europe, Asia and the Middle East, doing exactly what we do best – finding the wealthiest buyers out of every pocket in the world,” said Chad Roffers, President of Concierge Auctions, in the message.
Including the auction premium, the local buyer from Los Angeles will have caught One for about 141 million dollars. Joe Bryant
Nile Niami developed at home.Instagram / Nile Niami
The buyers, who eventually received a staggering 112% free discount on the much-publicized mansion, are actually local Angelenos who will not live there but will use the spread as investment property, according to the Wall Street Journal, which broke the sale.
The One saw about 40 exhibitions and a total of five bidders.
Developed by Neil Niami, who did not respond to The Post’s request for comment on the deal, One has no less than 21 bedrooms, 42 full bathrooms, seven dust rooms – and stands on about 4 acres of land with 360-degree views of The Pacific Ocean, downtown LA and the San Gabriel Mountains. Other facilities include a garage for 30 cars, five swimming pools, a beauty salon and a 400-meter private running track.
The benefits of the mansion include a full-service beauty salon. Joe Bryant
There is also a bowling alley. Joe Bryant
The One also has five swimming pools. Mark Angelis
It was originally supposed to be announced in 2017 for this powerful $ 500 million asking price – with other amenities, including a scrapped jellyfish tank – but problems eventually arose. The newspaper notes that Niami has clashed with creditors and one prompted him to file a foreclosure bid on One last June. Last October, Niami bankrupted the estate under Chapter 11, which paused the sale of the foreclosure and gave it a chance to secure its own buyer. (An insolvency judge is expected to review the sale sometime next week to decide whether to approve it.)
His outstanding debt is about $ 190 million, according to Lawrence Perkins, who runs Crestlloyd, LLC, the company through which Niami and his ex-wife Yvonne owned the home. Perkins told the Journal he hoped the final sale figure would exceed the value of the outstanding loans, saying “you never really know until you know.”
The One, last sold, is seeking $ 295 million, represented by Rainey and Brandon Williams of The Beverly Hills Estates – and Aaron Kearman of Compass. Brokers sought to make $ 200 million north. Finding a buyer was difficult, according to reports, partly due to alleged construction defects, according to court records quoted by the Journal as cracks and stains on the lion’s share of about 30,000 square feet of white marble floor. In addition, One does not yet have a certificate of use, which means that the new owners can not yet live there or have tenants.
The home is about 105,000 square feet, which also includes plenty of living space. Joe Bryant
The new owner, who bought One for an investment property, also received a movie theater included in the deal. Mark Angelis
Residential area. Mark Angelis
Construction has taken about 10 years, and while some problems have been resolved, the new property will have to deal with the rest. Perkins told the Journal that, as it is now, One looks as good as he can.
But despite ongoing renovations and the fact that the house was finally sold, One has long been a nightmare for neighbors, to the point that they changed the local building code.
“This is one of the ugliest homes I’ve ever seen,” a broker who visited One earlier told The Post. “Only someone with terrible taste who wants to shout to the world that he is rich [would buy it]and even then I’m not so sure. “