The One is a private residence in Bel Air, Los Angeles, California, United States. It is a compound consisting of a main residence and three smaller houses in the modernist style, developed by Nile Niami. The property measures 105,000 square feet (9,800 m²) on 3.8 acres (1.5 ha).
Location and Specifications
The One is located at 944 Airole Way in the Bel Air neighborhood of Los Angeles. The hilltop lot offers 360-degree views of the Pacific Ocean, Downtown Los Angeles, and the San Gabriel Mountains. The property includes 21 bedrooms and 42 bathrooms, with a 5,500-square-foot (510 m²) primary suite. Amenities include a 10,000-square-foot (930 m²) skydeck, putting green, a 30-car garage with two display car turntables, a four-lane bowling alley, a movie theater, a nightclub, a hair salon, a "philanthropy wing" designed to host charity galas for up to 200 guests, a "Monaco-style" casino, a 400-foot (120 m) jogging track, and five swimming pools including a moat with an infinity edge. The property also contains custom art pieces by Niclas Castello, Mike Fields, Stephen Wilson, and Simone Cenedese.
Design and Construction
Nile Niami purchased the 3.8-acre lot in Bel Air for $28 million in 2012. The existing 10,000-square-foot house on the property was demolished. Construction began in 2014. Workers removed 49,000 cubic yards (37,000 m³) of dirt from the property in 5,000 truckloads, a process that took two years to complete. Residents of Bel Air who opposed the project formed a homeowners alliance led by Fred Rosen, the former CEO of Ticketmaster, who argued the development should be permitted as a commercial development. In December 2016, the Los Angeles City Council approved rewriting city ordinances to more strictly regulate the size of new homes in single-family neighborhoods and hillside areas. Niami intended to have The One completed by 2018, but construction experienced delays and it was not completed until 2021.
The One was designed by Niami and architect Paul McClean, with interior design by Kathryn Rotondi. Niami named it "The One," stating that there is no house like it, and initially sought to list it for sale at $500 million.
Financial Troubles and Sale
Niami acknowledged halting construction at times due to a lack of financing. He 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. Crestlloyd, Niami's limited liability company, defaulted on a total of $165 million of debt stemming from the property in March 2021. Crestlloyd filed for Chapter 11 bankruptcy in an attempt to prevent foreclosure, but the Los Angeles County Superior Court placed the property into receivership in July 2021. Niami sought to create a cryptocurrency called "The One Coin" backed by the house to raise funds, but the plan did not succeed.
Concierge Auctions listed the compound for sale at $295 million in January 2022. 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 plus a 12 percent commission, bringing his total investment to $141 million. The sale set the record for the largest property sale at auction in the United States. At the time of sale, the house lacked a certificate of occupancy and required an estimated $20 million in additional construction costs.
Niami attempted to contest the sale, seeking to raise $250 million from investors before court approval, but a judge approved the sale. Creditors subsequently filed lawsuits over the proceeds.
In Popular Culture
The Apple TV+ series Loot, starring Maya Rudolph, was filmed at The One in 2021.
