Nile Niami’s ‘The One’ Bel-Air lists for $295 million

This Bel-Air mega-mansion is known as “The One.” On Jan. 7, it will list for $295 million and be auctioned online to the highest bidder in February. (Photo by Marc Angeles of Unlimited Style Real Estate Photography)
Los Angeles Daily News January 10, 2021 By: **SANDRA BARRERA**

Spec developer Nile Niami’s gargantuan Bel-Air megamansion touted as “the largest and grandest house ever built in the urban world” is headed to the auction block as part of a bankruptcy agreement.

After defaulting on a reported $180 million in debt, the property is scheduled to be auctioned to the highest bidder through Concierge Auctions on Feb. 28 through March 2. That is, unless a wealthy buyer swoops in and makes an offer first.

The 105,000-square-foot, modern home at 944 Airole Way that Niami crowned “The One” officially hit the market today, on Jan. 10, for $295 million. A preemptive offer prior to the start of the bidding process could halt the court-ordered bankruptcy auction. But is it likely?

“It could happen, but I fully anticipate to be the case that we’re going to have an auction,” says Chad Roffers, president of Concierge Auctions, which is handling the online event in collaboration with listing agents Aaron Kirman of the Aaron Kirman Group at Compass and husband-wife team Branden and Rayni Williams of Williams & Williams at The Beverly Hills Estates.

Sited on nearly 4 acres high atop Los Angeles, the 21-bedroom, 49-bathroom home in a class by itself offers 360-degree views of the Pacific Ocean to Downtown Los Angeles and the Santa Gabriel Mountains visible from inside and out.

“The One is created for today’s billionaire seeking a truly unrepeatable asset, and when it sells, it will be the most significant purchase in the world,” Kirman said in a statement.

A one of a kind, its interior contains almost every luxury imaginable, from custom curated art installations to a nightclub with a VIP area. And that isn’t the only diversion.

There’s a full-service beauty salon, a wellness spa and a state-of-the-art gym with a juice bar, a four-lane bowling alley, a 40-seat-plus Dolby Digital theater and a cigar lounge. Water features abound inside and out, from a 64-foot indoor pool to the three-sided infinity edge pool outdoors.

The grounds also include a putting green, tennis court and 400-foot running track.

A 30-car-plus garage with two display turntables adds to the ultra-luxurious amenities.

As Rayni Williams put it in a statement, The One is simply unrivaled.

“This property features ultra-luxury amenities beyond any buyer’s wildest dreams,” she said. “There’s a reason The One is setting a new high watermark for global real estate—more flat land coupled with the biggest views, more so than any other property previously for sale in Los Angeles.”

Niami dreamed up “The One” in partnership with Orange-based architect Paul McClean. The developer planned to list the property for $500 million. But after 10 years in development, there’s still some work to be done, including landscaping, and the project is mired deep in debt.

The Los Angeles Times reported in December that Niami’s development company Crestlloyd LLC owed $180 million to multiple lenders.

“All of the stakeholders are very aligned that the right thing to do is to get this property sold quickly and efficiently,” Roffers said by phone. “The auction is going to produce the highest and best price for this property. It’s a one-of-a-kind, which is why it’s perfectly suited for auction, frankly.”

Concierge Auctions does business in 33 countries around the world, and word has gotten out about The One.

The auction is no reserve, meaning there is no starting bid required. To participate, bidders will be required to place a refundable $250,000 deposit in escrow, provide proof of funds and sign the terms and conditions of sale.

Interested bidders can make a private appointment to see the property in person or virtually.

Roffers said he anticipates this to be another world record for high-end properties. Concierge Auction already holds three, including a 30,000-square-foot, French-inspired chateau in Florida that was listed for $159 million and sold for $42.5 million.

“A lot of times there are great deals to be had,” Roffers said. “One of our last big sales was a property in Beverly Park called the Villa Firenze.”

According to Dirt, the Italianate-inspired estate in Beverly Hills that had a $165 asking price sold at auction for $51 million.

Will this be one of those great deals too?

“Well, anything can happen at an auction,” Roffers said. “I also think for a property that is incomparable, it gives buyers the confidence that they paid a fair price. But I’m excited to see what it sells for, because it probably will be a world record.”

Lighting priorities: More owners are adding lights to their bathroom upgrades. Wall lights and recessed lights remain the two most popular upgrades. Also gaining popularity this year are lighted mirrors, such as those with LED lighting and anti-fogging systems, pendant lights, and chandeliers. Dimmable lighting is also contributing to a more spa-like atmosphere.

Commode upgrades: More than a third of homeowners who upgraded their toilets during renovations added technology. Bidets remain the most popular tech feature added by one in five homeowners, followed by self cleaning mechanisms, heated seats, overflow protection, and built-in nightlights.

Custom medicine cabinets: Nearly one-third of renovating homeowners installed custom or semi-custom medicine cabinets. Many of these cabinets also included features like hidden plugs and lighting on the inside.

Nile Niami’s ‘The One’ Bel-Air lists for $295 million

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