The One (Los Angeles)

Nile Niami purchased the {{convert|3.8|acre|adj=on}} 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 {{convert|10000|ft2|adj=on}} house, which Niami demolished. Construction began in 2014.{{Cite web |url=https://www.architecturaldigest.com/story/the-worlds-largest-and-priciest-home-is-ready-for-its-close-up |title=The World's Largest—and America's Priciest—Home Is Ready for Its Close-up |date=January 12, 2021 |website=Architectural Digest |access-date=January 20, 2024 |archive-date=February 9, 2024 |archive-url=https://web.archive.org/web/20240209115046/https://www.architecturaldigest.com/story/the-worlds-largest-and-priciest-home-is-ready-for-its-close-up |url-status=live }} Workers removed {{convert|49000|yd3}} of dirt from the property in 5,000 truckloads, a process which took two years to complete.{{cite web |url=https://www.nytimes.com/2017/12/23/style/the-most-expensive-house-in-america.html |title=Who Wants to Buy the Most Expensive House in America? |first=Candace |last=Jackson |work=The New York Times |date=December 23, 2017 |access-date=February 26, 2024 |archive-date=February 27, 2024 |archive-url=https://web.archive.org/web/20240227002742/https://www.nytimes.com/2017/12/23/style/the-most-expensive-house-in-america.html |url-status=live }} 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.{{cite web |url=https://www.ocregister.com/2016/02/25/worlds-priciest-home-oc-designer-creates-a-plan-for-500-million-la-giga-mansion/ |title=World's priciest home: O.C. designer creates a plan for $500 million L.A. 'giga-mansion' |first=Jeff |last=Collins |work=Orange County Register |date=February 25, 2016 |access-date=February 25, 2024 |archive-date=February 26, 2024 |archive-url=https://web.archive.org/web/20240226050459/https://www.ocregister.com/2016/02/25/worlds-priciest-home-oc-designer-creates-a-plan-for-500-million-la-giga-mansion/ |url-status=live }} 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.{{cite web |url=https://www.latimes.com/local/lanow/la-me-ln-mansionization-measures-20161207-story.html |title=L.A. backs measures to roll back 'mansionization' in single-family neighborhoods |first=David |last=Zahniser |work=Los Angeles Times |date=December 7, 2016 |access-date=February 26, 2024 |archive-date=February 27, 2024 |archive-url=https://web.archive.org/web/20240227002742/https://www.latimes.com/local/lanow/la-me-ln-mansionization-measures-20161207-story.html |url-status=live }} Niami intended to have The One completed by 2018, but the construction experienced delays and it was not completed until 2021.

The One was designed by Niami and Paul McClean, who was also the architect, and Kathryn Rotondi, the interior designer. 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.{{Cite news |url=https://www.theguardian.com/us-news/2018/mar/04/most-expensive-house-los-angeles-niles-niami |title=America's costliest house: developer takes $500m gamble on Bel Air eyrie |first=Rory |last=Carroll |date=March 4, 2018 |newspaper=The Guardian |access-date=January 20, 2024 |archive-date=January 20, 2024 |archive-url=https://web.archive.org/web/20240120053529/https://www.theguardian.com/us-news/2018/mar/04/most-expensive-house-los-angeles-niles-niami |url-status=live }} The One is a private residence designed with modernist architecture.{{cite web |url=https://www.kcrw.com/culture/shows/design-and-architecture/gigamansions-and-the-new-gilded-age |title=Gigamansions and the new Gilded Age |first=Frances |last=Anderton |publisher=KCRW |date=September 18, 2018 |access-date=January 23, 2024 |archive-date=January 23, 2024 |archive-url=https://web.archive.org/web/20240123215224/https://www.kcrw.com/culture/shows/design-and-architecture/gigamansions-and-the-new-gilded-age |url-status=live }} The property is a total of {{convert|105000|ft2}}, including a {{convert|74000|ft2|adj=on}} main residence and three smaller guest houses.{{Cite web |url=https://www.bloomberg.com/news/articles/2015-05-26/california-dreaming-record-500-million-tag-on-l-a-home |title=California Dreaming: Record $500 Million Tag on L.A. Home |first=John |last=Gittelsohn |work=Bloomberg |date=May 25, 2015 |access-date=January 20, 2024 |archive-date=February 7, 2023 |archive-url=https://web.archive.org/web/20230207181527/https://www.bloomberg.com/news/articles/2015-05-26/california-dreaming-record-500-million-tag-on-l-a-home |url-status=live }} The One has 21 bedrooms and 42 bathrooms, with a {{convert|5500|ft2|adj=on}} primary suite. The One also has a {{convert|10000|ft2|adj=on}} 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.{{Cite web |url=https://www.forbes.com/sites/kristintablang/2015/06/30/500-million-bel-air-mansion-paul-mcclean/ |title=7 Things to Know About the Coming $500 Million Mega-Mansion in Bel Air |first=Kristin |last=Tablang |website=Forbes |access-date=January 20, 2024 |archive-date=January 22, 2024 |archive-url=https://web.archive.org/web/20240122185833/https://www.forbes.com/sites/kristintablang/2015/06/30/500-million-bel-air-mansion-paul-mcclean/ |url-status=live }} The property has a {{convert|400|ft|adj=on}} jogging track and five swimming pools, including a moat with an infinity edge.{{Cite web |url=https://robbreport.com/shelter/home-design/watch-exclusive-tour-inside-bel-airs-126-million-the-one-megamansion-1234668454/ |title=Watch: An Exclusive Tour Inside Bel-Air's $126 Million 'the One' Megamansion |first=Helena |last=Madden |work=Robb Report |date=March 14, 2022 |access-date=January 20, 2024 |archive-date=June 6, 2023 |archive-url=https://web.archive.org/web/20230606060445/https://robbreport.com/shelter/home-design/watch-exclusive-tour-inside-bel-airs-126-million-the-one-megamansion-1234668454/ |url-status=live }}{{Cite web |url=https://www.cnbc.com/2017/09/27/most-expensive-house-in-the-u-s-worth-500-million.html |title=Take a look inside the most expensive home in America: a $500 million California mansion |first=Emmie Martin |last=CFP® |date=September 27, 2017 |website=CNBC |access-date=January 20, 2024 |archive-date=January 19, 2024 |archive-url=https://web.archive.org/web/20240119104146/https://www.cnbc.com/2017/09/27/most-expensive-house-in-the-u-s-worth-500-million.html |url-status=live }} Fortune estimated the mansion would require 50 HVAC systems and cost $50,000 a month in electricity costs to cool during the summer.{{Cite web |title=It costs around $50,000 a month to keep Bel Air mega-mansion 'The One' cool in the summer |url=https://fortune.com/2022/10/03/bel-air-mega-mansion-the-one-electric-bill/ |first=Chris |last=Morris |date=October 3, 2022 |website=Fortune |language=en |access-date=March 5, 2024 |archive-date=June 30, 2023 |archive-url=https://web.archive.org/web/20230630234203/https://fortune.com/2022/10/03/bel-air-mega-mansion-the-one-electric-bill/ |url-status=live }} The One contains custom art pieces made by Niclas Castello, Mike Fields, Stephen Wilson, and Simone Cenedese.

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.'"{{Cite web |date=February 27, 2022 |title='The One' mega-mansion is up for auction. Whoever buys it may soon have a mega-headache |url=https://www.latimes.com/business/story/2022-02-27/the-one-auction-mega-mansion-for-sale |access-date=April 21, 2023 |website=Los Angeles Times |language=en-US}}

Niami acknowledged that he had to halt construction at times due to a lack of financing.{{cite web |url=https://www.wsj.com/articles/nile-niami-is-l-a-s-megamansion-king-has-he-built-a-house-of-cards-11593624628 |title=Nile Niami Is L.A.'s Megamansion King. Has He Built a House of Cards? |work=Wall Street Journal |first=Katherine |last=Clark |date=July 1, 2020 |access-date=January 21, 2024 |archive-date=April 18, 2023 |archive-url=https://web.archive.org/web/20230418072521/https://www.wsj.com/articles/nile-niami-is-l-a-s-megamansion-king-has-he-built-a-house-of-cards-11593624628 |url-status=live }} 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.{{Cite web |url=https://www.latimes.com/business/real-estate/story/2021-03-08/foreclosure-looms-for-nile-niamis-infamous-mega-mansion-the-one |title=Foreclosure looms for Nile Niami's infamous mega-mansion 'The One' |date=March 9, 2021 |website=Los Angeles Times |access-date=January 20, 2024 |archive-date=January 17, 2024 |archive-url=https://web.archive.org/web/20240117191830/https://www.latimes.com/business/real-estate/story/2021-03-08/foreclosure-looms-for-nile-niamis-infamous-mega-mansion-the-one |url-status=live }} Crestlloyd, Niami's limited liability company, defaulted on a total of $165 million of debt stemming from the property in March 2021.{{Cite web |url=https://www.cnbc.com/2021/09/08/most-expensive-home-in-america-defaults-and-heads-for-sale.html |title=Most expensive home in America defaults on $165 million in debt, heads for sale |first=Robert |last=Frank |date=September 8, 2021 |website=CNBC |access-date=January 20, 2024 |archive-date=March 5, 2024 |archive-url=https://web.archive.org/web/20240305050354/https://www.cnbc.com/2021/09/08/most-expensive-home-in-america-defaults-and-heads-for-sale.html |url-status=live }} Crestlloyd went into bankruptcy under Chapter 11 in an attempt to prevent The One from falling into foreclosure,{{Cite web |url=https://www.latimes.com/business/story/2021-10-27/the-one-megamansion-nile-niami-bankruptcy-foreclosure-crestlloyd-hankey |title=Fight over 'The One' mega-mansion heads to Bankruptcy Court |date=October 27, 2021 |website=Los Angeles Times |access-date=January 20, 2024 |archive-date=January 13, 2024 |archive-url=https://web.archive.org/web/20240113001432/https://www.latimes.com/business/story/2021-10-27/the-one-megamansion-nile-niami-bankruptcy-foreclosure-crestlloyd-hankey |url-status=live }} but the Los Angeles County Superior Court put the property into receivership in July.{{cite web |url=https://www.cnn.com/2021/09/15/homes/bel-air-mansion-the-one/index.html |title=Mega mansion once worth $500 million defaults on $100 million in debt, forcing a sale |first=Anna |last=Bahney |work=CNN Business |date=September 17, 2021 |access-date=January 21, 2024 |archive-date=April 21, 2023 |archive-url=https://web.archive.org/web/20230421180347/https://www.cnn.com/2021/09/15/homes/bel-air-mansion-the-one/index.html |url-status=live }} 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.{{Cite web |url=https://www.latimes.com/business/story/2021-12-27/the-one-auction-february-despite-nile-niami-cryptocurrency-plan |title='The One' heads for February auction. But Nile Niami hatches a crypto counterplan |date=December 28, 2021 |website=Los Angeles Times |access-date=January 20, 2024 |archive-date=December 30, 2023 |archive-url=https://web.archive.org/web/20231230053917/https://www.latimes.com/business/story/2021-12-27/the-one-auction-february-despite-nile-niami-cryptocurrency-plan |url-status=live }}

Concierge Auctions listed the compound for sale at $295 million in January 2022.{{Cite web |url=https://www.cnn.com/style/article/the-one-megamansion-bel-air-auction/index.html |title=A Los Angeles megamansion could sell for $295 million |first=Jacqui |last=Palumbo |date=January 6, 2022 |website=CNN |access-date=January 20, 2024 |archive-date=October 5, 2023 |archive-url=https://web.archive.org/web/20231005022132/https://www.cnn.com/style/article/the-one-megamansion-bel-air-auction/index.html |url-status=live }} 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{{Cite web |url=https://www.businessinsider.com/photos-225-million-mansion-the-one-biggest-modern-home-us-2021-9 |title=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 |first=Sarah |last=Jackson |website=Business Insider |access-date=January 20, 2024 |archive-date=January 19, 2024 |archive-url=https://web.archive.org/web/20240119200719/https://www.businessinsider.com/photos-225-million-mansion-the-one-biggest-modern-home-us-2021-9 |url-status=live }} 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.{{Cite web |url=https://therealdeal.com/la/2022/03/03/niamis-the-one-goes-for-126m/ |title=Nile Niami's The One Megamansion Sells at Auction for $126M |first=Trevor |last=Bach |date=March 4, 2022 |website=The Real Deal |access-date=January 20, 2024 |archive-date=September 24, 2023 |archive-url=https://web.archive.org/web/20230924233015/https://therealdeal.com/la/2022/03/03/niamis-the-one-goes-for-126m/ |url-status=live }} The house lacked a certificate of occupancy and required an estimated $20 million in additional construction costs at the time of the sale.

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.{{Cite web |url=https://finance.yahoo.com/news/developer-nile-niami-floats-last-173621041.html |title=Developer Nile Niami floats last-ditch plan to retain control of 'The One' mega-mansion |date=March 15, 2022 |website=Yahoo Finance |access-date=January 20, 2024 |archive-date=April 5, 2022 |archive-url=https://web.archive.org/web/20220405035931/https://finance.yahoo.com/news/developer-nile-niami-floats-last-173621041.html |url-status=live }} However, a judge approved the sale.{{cite news |url=https://www.wsj.com/articles/judge-approves-126-million-sale-of-the-one-megamansion-despite-lender-objections-11647903834 |title=Judge Approves $126 Million Sale of The One Megamansion, Despite Lender Objections |first=Katherine |last=Clarke |newspaper=WSJ |date=March 21, 2022 |access-date=January 21, 2024 |archive-date=April 12, 2023 |archive-url=https://web.archive.org/web/20230412202712/https://www.wsj.com/articles/judge-approves-126-million-sale-of-the-one-megamansion-despite-lender-objections-11647903834 |url-status=live }} Creditors filed lawsuits over the proceeds of the sale.{{Cite web |url=https://www.latimes.com/business/story/2022-07-01/the-one-megamansion-don-hankey-nile-niami-inferno-bankruptcy-lawsuit |title=The auction of The One mansion was a dud. Now the fight over the proceeds is getting ugly |date=July 1, 2022 |website=Los Angeles Times |access-date=January 20, 2024 |archive-date=December 2, 2023 |archive-url=https://web.archive.org/web/20231202122419/https://www.latimes.com/business/story/2022-07-01/the-one-megamansion-don-hankey-nile-niami-inferno-bankruptcy-lawsuit |url-status=live }}

Loot, an Apple TV+ series, was filmed at The One in 2021.{{Cite web |date=June 8, 2022 |title=Maya Rudolph's New Show Was Filmed at One of the Largest Homes in the Country |url=https://www.architecturaldigest.com/story/maya-rudolph-show-loot-the-one-house |url-status=live |archive-url=https://web.archive.org/web/20230409040514/https://www.architecturaldigest.com/story/maya-rudolph-show-loot-the-one-house |archive-date=April 9, 2023 |access-date=January 20, 2024 |website=Architectural Digest}}

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Category:Bel Air, Los Angeles

Category:Houses in Los Angeles

Category:Mansions

Category:Buildings and structures completed in 2021

Category:Modernist architecture in California