Nile Niami has sold off one of his own homes in the Hollywood Hills, as the once high-flying spec developer now faces a lawsuit and recently threw a West Hollywood mansion into bankruptcy.
Niami unloaded the Hollywood Hills home for $9.58 million, which he bought five years ago from talent manager Scooter Braun, according to the Los Angeles Times.
Niami paid $9.5 million for the 6,000-square-foot mansion, but renovated it, so the sale likely figures out for a loss, according to the Times. He first relisted the property in 2017, asking $19.9 million. The home has three bedrooms total and six bathrooms. The lower level has a movie theater, billiards room, wine cellar, and a bar. The property totals about a quarter of an acre, with a large back patio area centered around the pool.
Earlier this week, news broke that Niami filed for bankruptcy protection for a 14,000-square-foot West Hollywood spec mansion he listed last year. A Niami spokesperson said a creditor “misrepresented facts,” which led to the filing. An investor filed a notice of default on the property in April.
Niami is also dealing with a lawsuit from Compass Concierge over a 2019 loan on a Bel Air mansion.
Niami’s most ambitious spec project yet could hit the market soon. Construction is wrapping on the 100,000-square-foot “The One” property in Bel Air and agents are reportedly picked for listing.
[LAT] — Dennis Lynch