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The One (Los Angeles)

From Wikipedia - Reading time: 8 min

The One
Aerial view of The One, 2023
The One is located in the Los Angeles metropolitan area
The One
The One
Location within the Los Angeles metropolitan area
The One is located in California
The One
The One
The One (California)
The One is located in the United States
The One
The One
The One (the United States)
General information
TypeMansion
Architectural styleModernist
Location944 Airole Way
Bel-Air, Los Angeles, California, U.S.
Coordinates34°05′18″N 118°27′06″W / 34.08833°N 118.45167°W / 34.08833; -118.45167
Construction started2014
Completed2021
OwnerRichard Saghian
Technical details
Floor area105,000 sq ft (9,800 m2)
Design and construction
Architect(s)Paul McClean
DeveloperNile Niami

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).

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

[edit]

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

[edit]

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]

[edit]

Loot, an Apple TV+ series, was filmed at The One in 2021.[25]

See also

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References

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  1. ^ a b Carroll, Rory (March 4, 2018). "America's costliest house: developer takes $500m gamble on Bel Air eyrie". The Guardian. Archived from the original on January 20, 2024. Retrieved January 20, 2024.
  2. ^ a b c d e f g "The World's Largest—and America's Priciest—Home Is Ready for Its Close-up". Architectural Digest. January 12, 2021. Archived from the original on February 9, 2024. Retrieved January 20, 2024.
  3. ^ a b Collins, Jeff (February 25, 2016). "World's priciest home: O.C. designer creates a plan for $500 million L.A. 'giga-mansion'". Orange County Register. Archived from the original on February 26, 2024. Retrieved February 25, 2024.
  4. ^ a b Jackson, Candace (December 23, 2017). "Who Wants to Buy the Most Expensive House in America?". The New York Times. Archived from the original on February 27, 2024. Retrieved February 26, 2024.
  5. ^ Zahniser, David (December 7, 2016). "L.A. backs measures to roll back 'mansionization' in single-family neighborhoods". Los Angeles Times. Archived from the original on February 27, 2024. Retrieved February 26, 2024.
  6. ^ a b Gittelsohn, John (May 25, 2015). "California Dreaming: Record $500 Million Tag on L.A. Home". Bloomberg. Archived from the original on February 7, 2023. Retrieved January 20, 2024.
  7. ^ a b c d Madden, Helena (March 14, 2022). "Watch: An Exclusive Tour Inside Bel-Air's $126 Million 'the One' Megamansion". Robb Report. Archived from the original on June 6, 2023. Retrieved January 20, 2024.
  8. ^ Anderton, Frances (September 18, 2018). "Gigamansions and the new Gilded Age". KCRW. Archived from the original on January 23, 2024. Retrieved January 23, 2024.
  9. ^ Tablang, Kristin. "7 Things to Know About the Coming $500 Million Mega-Mansion in Bel Air". Forbes. Archived from the original on January 22, 2024. Retrieved January 20, 2024.
  10. ^ CFP®, Emmie Martin (September 27, 2017). "Take a look inside the most expensive home in America: a $500 million California mansion". CNBC. Archived from the original on January 19, 2024. Retrieved January 20, 2024.
  11. ^ Morris, Chris (October 3, 2022). "It costs around $50,000 a month to keep Bel Air mega-mansion 'The One' cool in the summer". Fortune. Archived from the original on June 30, 2023. Retrieved March 5, 2024.
  12. ^ "'The One' mega-mansion is up for auction. Whoever buys it may soon have a mega-headache". Los Angeles Times. February 27, 2022. Retrieved April 21, 2023.
  13. ^ Clark, Katherine (July 1, 2020). "Nile Niami Is L.A.'s Megamansion King. Has He Built a House of Cards?". Wall Street Journal. Archived from the original on April 18, 2023. Retrieved January 21, 2024.
  14. ^ "Foreclosure looms for Nile Niami's infamous mega-mansion 'The One'". Los Angeles Times. March 9, 2021. Archived from the original on January 17, 2024. Retrieved January 20, 2024.
  15. ^ Frank, Robert (September 8, 2021). "Most expensive home in America defaults on $165 million in debt, heads for sale". CNBC. Archived from the original on March 5, 2024. Retrieved January 20, 2024.
  16. ^ "Fight over 'The One' mega-mansion heads to Bankruptcy Court". Los Angeles Times. October 27, 2021. Archived from the original on January 13, 2024. Retrieved January 20, 2024.
  17. ^ Bahney, Anna (September 17, 2021). "Mega mansion once worth $500 million defaults on $100 million in debt, forcing a sale". CNN Business. Archived from the original on April 21, 2023. Retrieved January 21, 2024.
  18. ^ "'The One' heads for February auction. But Nile Niami hatches a crypto counterplan". Los Angeles Times. December 28, 2021. Archived from the original on December 30, 2023. Retrieved January 20, 2024.
  19. ^ Palumbo, Jacqui (January 6, 2022). "A Los Angeles megamansion could sell for $295 million". CNN. Archived from the original on October 5, 2023. Retrieved January 20, 2024.
  20. ^ Jackson, Sarah. "See inside the biggest modern home in the US, a 105,000-square-foot Los Angeles megamansion that sold for $126 million to Fashion Nova's billionaire CEO". Business Insider. Archived from the original on January 19, 2024. Retrieved January 20, 2024.
  21. ^ Bach, Trevor (March 4, 2022). "Nile Niami's The One Megamansion Sells at Auction for $126M". The Real Deal. Archived from the original on September 24, 2023. Retrieved January 20, 2024.
  22. ^ "Developer Nile Niami floats last-ditch plan to retain control of 'The One' mega-mansion". Yahoo Finance. March 15, 2022. Archived from the original on April 5, 2022. Retrieved January 20, 2024.
  23. ^ Clarke, Katherine (March 21, 2022). "Judge Approves $126 Million Sale of The One Megamansion, Despite Lender Objections". WSJ. Archived from the original on April 12, 2023. Retrieved January 21, 2024.
  24. ^ "The auction of The One mansion was a dud. Now the fight over the proceeds is getting ugly". Los Angeles Times. July 1, 2022. Archived from the original on December 2, 2023. Retrieved January 20, 2024.
  25. ^ "Maya Rudolph's New Show Was Filmed at One of the Largest Homes in the Country". Architectural Digest. June 8, 2022. Archived from the original on April 9, 2023. Retrieved January 20, 2024.
Licensed under CC BY-SA 3.0 | Source: https://en.wikipedia.org/wiki/The_One_(Los_Angeles)
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