Nile Niami is getting serious about selling “The One” — a Bel Air spec mansion that the developer previously boasted could fetch $500 million.
A Niami spokesperson said that construction is virtually complete with “finishing touches” on the interior pending. And the 100,000-square-foot mansion will hit the market soon, perhaps before year’s end, said Rayni Williams, of the newly formed Beverly Hills Estates Inc.
Rayni Williams and Branden Williams of Beverly Hills Estates along with Compass’s Aaron Kirman will have the listing.
The agents and Niami have yet to agree on a price, Rayni Williams said. It will ask less than $500 million, but likely break the record for a home listing in Los Angeles County. The record for a closed transaction is Amazon CEO Jeff Bezos’ purchase of David Geffen’s Beverly Hills home for $165 million earlier this year.
Niami is known for his Hollywood Hills mansions as well as his flashy promotional videos and Instagram page. But The One has been beset by construction and financing delays, as it was first scheduled for completion in 2017.
While Niami has said in interviews that the home’s asking price is $500 million, The One has never actually hit the market. Williams, Williams and Kirman are its first assigned agents.
The listing would come amid an eventful several months for Niami.
A lender, Joseph Englanoff, took control of a Beverly Hills spec mansion, “The Opus,” from Niami in February.
In October, Compass sued Niami over an unpaid debt in using the company’s concierge service, though both parties say a settlement is close.
And the Daily Mail reported this week that the city of Los Angeles fined Niami five times this year for house parties in violation of Covid laws against large social gatherings.