The One (Los Angeles)
Mansion in California, U.S.
From Wikipedia, the free encyclopedia
The One is a private residence in Bel Air, Los Angeles, California, United States. It is a compound of a main residence and three smaller houses in the modernist style and was developed by Nile Niami. The property is 105,000 square feet (9,800 m2) on 3.8 acres (1.5 ha).
Bel-Air, Los Angeles, California, U.S.
| The One | |
|---|---|
Aerial view of The One, 2023 | |
  The One Location within the Los Angeles metropolitan area  The One The One (California)  The One The One (the United States) | |
General information | |
| Type | Mansion |
Architectural style | Modernist |
| Location | 944 Airole Way Bel-Air, Los Angeles, California, U.S. |
| Coordinates | 34°05′18″N 118°27′06″W |
Construction started | 2014 |
| Completed | 2021 |
| Owner | Richard Saghian |
| Technical details | |
| Floor area | 105,000 ft2 (9,800 m2) |
| Design and construction | |
| Architect | Paul McClean |
| Developer | Nile Niami |
Construction began in 2014. Following delays, it was completed in 2021. Niami initially sought to sell the mansion for $500 million, but his company fell into bankruptcy and the building sold at auction for $126 million, a record auction sale price in the United States.
Design and construction
Nile Niami purchased the 3.8-acre (1.5 ha) lot on a hilltop in Bel Air, Los Angeles, for $28 million in 2012. The plot has a 360-degree view of the Pacific Ocean, Downtown Los Angeles, and the San Gabriel Mountains. The property had a 10,000-square-foot (930 m2) house, which Niami demolished.[1][2] Construction began in 2014.[2] Workers removed 49,000 cubic yards (37,000 m3) of dirt from the property in 5,000 truckloads,[3] a process which took two years to complete.[4] Residents of Bel-Air who opposed the project formed a homeowners alliance, which was led by Fred Rosen, the former chief executive officer (CEO) of Ticketmaster, who insisted that it should be permitted as a commercial development.[3] In December 2016, the Los Angeles City Council approved rewriting city ordinances to more strictly regulate the size of new homes being built in single-family neighborhoods and areas with hills.[5] Niami intended to have The One completed by 2018,[4] but the construction experienced delays and it was not completed until 2021.[2]
The One was designed by Niami and Paul McClean, who was also the architect, and Kathryn Rotondi, the interior designer.[2][6] Niami named it "The One", as Niami insists that there is no house like it, and said that he wanted to list it for sale at $500 million.[1] The One is a private residence designed with modernist architecture.[7][8] The property is a total of 105,000 square feet (9,800 m2), including a 74,000-square-foot (6,900 m2) main residence and three smaller guest houses.[6] The One has 21 bedrooms and 42 bathrooms, with a 5,500-square-foot (510 m2) primary suite. The One also has a 10,000-square-foot (930 m2) skydeck, putting green, a 30-car garage with two display car turntables, four-lane bowling alley, movie theater, nightclub, hair salon, a "philanthropy wing" designed to host charity galas with up to 200 guests, and a "Monaco-style" casino.[2][9] The property has a 400-foot (120 m) jogging track and five swimming pools, including a moat with an infinity edge.[2][7][10] Fortune estimated the mansion would require 50 HVAC systems and cost $50,000 a month in electricity costs to cool during the summer.[11] The One contains custom art pieces made by Niclas Castello, Mike Fields, Stephen Wilson, and Simone Cenedese.[2][7]
Reception to the home's design was mixed, with the Los Angeles Times writing, "Some think it's the ultimate trophy home, others are convinced it's a giant white elephant clad in marble and glass that one local broker has sarcastically dubbed '100,000 square feet of drywall.'"[12]
Financial troubles and sale
Niami acknowledged that he had to halt construction at times due to a lack of financing.[13] Niami borrowed $82.5 million from Don Hankey's investment fund, Hankey Capital, in 2018. The debt grew to over $110 million by March 2021, when Hankey served Niami with a notice of default, giving Niami 90 days to repay the debt.[14] Crestlloyd, Niami's limited liability company, defaulted on a total of $165 million of debt stemming from the property in March 2021.[15] Crestlloyd went into bankruptcy under Chapter 11 in an attempt to prevent The One from falling into foreclosure,[16] but the Los Angeles County Superior Court put the property into receivership in July.[17] Niami sought to create a cryptocurrency called The One Coin that would be backed by the house to raise funds to pay off the debt, but the plan did not succeed.[18]
Concierge Auctions listed the compound for sale at $295 million in January 2022.[19] It did not receive an offer and went to a bankruptcy auction in March 2022, where it sold to Richard Saghian, the CEO of Fashion Nova, for $126 million[20] plus a 12 percent commission to the Concierge Auctions that raised his total investment to $141 million. The sale set the record for the largest property sale at auction in the United States, topping the Hearst Estate in Beverly Hills, which sold for $63.1 million in 2021.[21] The house lacked a certificate of occupancy and required an estimated $20 million in additional construction costs at the time of the sale.[7]
Niami attempted to contest the sale, looking to raise $250 million from investors before the sale could be approved by the bankruptcy court, while other creditors objected to the sale because of the lower than expected price.[22] However, a judge approved the sale.[23] Creditors filed lawsuits over the proceeds of the sale.[24]