If you've been reading CelebrityNetWorth in recent months, you may have heard of a spec mansion called "The One" that's located in Bel Air. The One is a 105,000-square foot-luxury property that was developed by film producer turned luxury property developer, Nile Niami. It's notably because at one time it was listed for a cool half billion dollars.
The property spans five acres. It has several swimming pools, a four land bowling alley, a movie theater the size of most multiplexes, a putting green on the roof, and many more insane amenities.
The property took eight years and 600 people to construct.
In 2018, it was reported that The One, which was still under construction at the time, would hit the market for $500 million. Had it achieved this asking price, it would have been – by far – the most expensive private residence that has ever sold in the world.
Go ahead and take a gander at this behemoth:
Pretty insane, right?
Unfortunately the last year or so hasn't been great for The One.
In January, the price of The One was dropped to $350 million. Still no takers.
In March 2021, The One had defaulted on its $100+ million construction loan.
In September, The One entered receivership. Under receivership the goal was to have a third party finish construction so the property could finally have a certificate of occupancy, so someone can actually live there. Then the property would be auctioned to the highest bidder.
Fast forward to the present.
It was just revealed that Nile Niami's company, Crestflloyd, has filed for bankruptcy in an attempt to stop the auction of The One.
The fight over The One all comes down to control.
Niami borrowed the money to construct The One from an LA billionaire named Don Hankey. Niami has accused Hankey of attempting to gain control of The One to complete construction and sell it for $225 million. .
A bankruptcy court decided to delay the auction of the property after another of Niami's lenders, Joseph Englanoff, revealed that Hankey did not abide by an agreement to complete construction on the house so it could be occupied and sold by real estate brokers.
Englanoff, who lent Niami $30.2 million in 2018 to build The One, is still owed $22 million. He alleged that Hankey was trying to use the bankruptcy process to take control of the mansion, sell it, and keep the profits for himself. Englanoff revealed that he agreed to Hankey's plan to appoint a receiver to complete the house, obtain a certificate of occupancy, and sell it via a traditional real estate listing. Hankey denied coming to any deal with Englanoff.
Englanoff wrote in his declaration:
"Although it is not anticipated that the sale of The One will generate $500 million it is certainly believed to be able to generate at least $225 million. With a potential sales price of $225 million all secured debt would be paid and even [the developer] would net proceeds."
The auction of The One has now been delayed twice.