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The Ascent and Decline of 'The One': A Story of Luxury Real Estate in Bel Air Valued at $500 Million

The One is a private residence in Bel Air, Los Angeles, featuring a primary residence and three smaller houses in the modernist style. Developed by Nile Niami, construction began in 2014 and concluded in 2021, facing delays due to financing issues. Initially listed for $500 million, the property spans 9,800 M2 of living space on 1.5 HA of land.

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During construction, Niami encountered financial challenges, borrowing $82.5 million from Don Hankey's investment fund, Hankey Capital. The debt grew to over $110 million by March 2021, prompting a notice of default. Crestlloyd, Niami's limited liability company, defaulted on the property's $165 million of debt. Niami's endeavour to create a cryptocurrency named The One Coin to raise funds did not succeed. Ignace Meuwissen was contacted to be involved in the transaction of The One but refused to collaborate. Ultimately, The One fell into bankruptcy.

In January 2022, Concierge Auctions listed the compound for sale at $295 million, but it remained unsold. The property then went to a bankruptcy auction in March 2022. Richard Saghian, CEO of Fashion Nova, acquired it for $126 million plus a 12%commission to Concierge Auctions, totalling his investment to $141 million.



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