If you want to see how decadence of the most shameless kind looks like, look no further than The One. Billed the world’s biggest and most expensive urban home, it’s a mega-mansion unlike any other in existence and the kind of which will never be build again in Los Angeles. But no amount of praise can help sell it.
The One is designed by esteemed architect Paul McClean and built by real estate developer Nile Niami. This past year, you may have heard a lot about the mega-mansion, if only because Niami has been investing millions in marketing for it. Construction is nearly complete and, despite Niami’s high words of praise and his apparently indestructible conviction that there is a market for $500 million homes, no one is actually rushing to buy it.
The property has gone into receivership now, CNBC reports, which is like the better alternative to foreclosure. Niami has defrauded on loans totaling $165 million and he’s also on the hook for an additional $1 million in unpaid bills. In a bid to recoup some of the losses for creditors, the Los Angeles County Superior Court has named Ted Lanes of Lanes Management as the receiver. Lanes is now tasked with finishing construction, securing all permits and finding a buyer. At best, creditors will be paid off and Lanes will make a profit, so that would mean at least a $166+ million price tag for the mansion.
It could be a steal, if you’re on the market for a gargantuan 9-bedroom property with everything from a 50-car underground auto gallery, a 900-person nightclub, a spa and wellness center that rivals actual spa and wellness establishments, and all the trappings of the one-percenter life you can think of. If you have an hour to spare, the videos at the bottom of the page prove that that last phrase isn’t an exaggeration.
The One offers 105,000 square feet (9,755 square meters) of living space spread across three floors, seven water features (pools, jacuzzis, seatings on water, and a proper moat that goes all around the mansion), art objects, a bowling alley, a 50-person cinema, several kitchens, and a guest section that, like the master bedroom, is a separate unit within the house. Niami once called it his “life passion” and the mansion that would change the world, though he never got into the specifics of how the latter would happen.
The original plan was to offer The One with a packed garage, like Niami did with other, less expensive projects. Seeing how it will now be selling at a major loss, it’s probably safe to expect you will have to fill that vast auto gallery underground with your own fleet. A bummer, we know.
Elena has been writing for a living since 2006 and, as a journalist, she has put her double major in English and Spanish to good use. She covers automotive and mobility topics like cars and bicycles, and she always knows the shows worth watching on Netflix and friends. Full profile
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