Compass lending service sues Nile Niami over Bel Air mansion

Brokerage’s Concierge unit says spec developer hasn’t repaid $200K loan to help ready $65M property for sale

Los Angeles /
Oct.October 14, 2020 03:25 PM
Nile Niami and his Bel Air spec home (Credit: Araya Diaz/Getty Images, Juwan Li and Marc Angeles)
Nile Niami and his Bel Air spec home (Credit: Araya Diaz/Getty Images, Juwan Li and Marc Angeles)

Compass is suing spec mansion developer Nile Niami, alleging he failed to repay a $200,000 loan that was meant to help ready a massive Bel Air home for sale.

Compass Concierge, which fronts money to homeowners who are listing their properties, alleges its loan agreement on the 28,000-square-foot mansion at 627 Carcassonne Road expired in July. The brokerage, which appears to have loaned Niami the money in late August 2019, filed the suit Friday in Los Angeles County Superior Court.

Niami listed the mansion for $65 million in October 2019, but it was later taken off the market. Aaron Kirman of Compass was the listing agent on the property, and the Aaron Kirman Group still has the palatial property designed by architect Paul McClean on its website.

On Wednesday, a Compass spokesperson said that “while our policy is that we do not comment on pending litigation, in this particular matter we believe that a settlement is imminent.”

Niami could not be reached for comment.

The home — which is an off-market listing — has nine bedrooms, a hair salon, massage studio and meditation room among other amenities.

According to the suit, Compass provided advisory and consulting services to “assist with securing a contractor, negotiate competitive service pricings, and ready the subject property for marketing and sale.”

Compass said it was still entitled to the full $200,000 back if the home was not sold by July. The company asserts it has “not received any response to multiple written demands” to Niami.

The residential brokerage reinstated Concierge in June after pausing because of the pandemic.

An outsized character even by Los Angeles standards, Niami has attracted attention for his over-the-top properties, the most famous being a Bel Air spec mansion he marketed for $500 million and calls “The One.”

The developer also marketed a Beverly Hills mansion for $100 million, which he called The Opus, and whose eyebrow-arching promotional video included scantily dressed women adorned with gold paint and glitter. Joseph Englanoff, one of Niami’s lenders, bought the mansion in February for around $40 million.


Related Articles

arrow_forward_ios
Allen B. Schwartz with 2383 Mandeville Canyon Road (Getty, Compass)
Fashionista Allen Schwartz takes $16M for Brentwood house
Fashionista Allen Schwartz takes $16M for Brentwood house
Chris Cortazzo, Larry Ellison, Grant Cardone and 22040 Pacific Coast Highway (Chris Cortazzo, Getty Images, photo courtesy Grant Cardone)
Carbon Beach home last sold in 1994 goes on market at $40M
Carbon Beach home last sold in 1994 goes on market at $40M
Rommy Shy and 911 Loma Vista Drive in Beverley Hills (Royalty Realty, Zillow, Getty)
Trousdale Estates mansion returns with $2M price hike
Trousdale Estates mansion returns with $2M price hike
Compass' Bree Hughes, Amalfi Estates' Gabrielle Shutter, Rodeo Realty's Hamidreza Lak, Coldwell's Kara Karns-Domic and Douglas Elliman’s Fredrik Eklund (Compass, Amalfi Estates, Rodeo Realty, Coldwell Banker Realty, Eklund|Gomes Team, Getty Images)
Movers & Shakers: Fredrik Eklund tests luck in Las Vegas
Movers & Shakers: Fredrik Eklund tests luck in Las Vegas
Yvonne Niami and 301 Copa De Oro (Getty, Redfin)
Niami’s ex sells $27M Bel Air mansion
Niami’s ex sells $27M Bel Air mansion
Jeffree Star and the home at 25220 Walker Road (Compass, Instagram via @jeffreestar, Getty)
Cosmetics guru Jeffree Star relocates to Wyoming after selling Hidden Hills estate
Cosmetics guru Jeffree Star relocates to Wyoming after selling Hidden Hills estate
Former owner Luanne Wells and the property at 31284 Broad Beach Road in Malibu (Obituary.com, Compass, Getty)
Malibu home sells for $20M, then goes up for rent
Malibu home sells for $20M, then goes up for rent
Compass' Aaron Kirman and Weston Littlefield with 46 Deep Sea (Compass, Juwan Li)
Newport Coast mansion put on market for $62M
Newport Coast mansion put on market for $62M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...