Niami schedules tour in last-ditch try to save The One

Seeks fast cash from would-be investors days before bankruptcy hearing on $126M sale at auction

Los Angeles /
Mar.March 16, 2022 08:34 AM
Nile Niami and The One (Getty)
Nile Niami and The One (Getty)

Spec developer Nile Niami is expected to conduct a tour of The One today in hopes of enticing would-be investors to fund a last-ditch bid to halt its $126 million sale out of bankruptcy.

This high-marquee project, its bankruptcy and the drama of its auction have raised eyebrows among residential real estate veterans.

“It’s beyond a Hail Mary–it’s a wish and prayer,” said Stephen Shapiro, co-founder of Westside Estate Agency, a leading luxury real estate agency that has not been involved in The One. “But you got to give him credit for not giving up.”

Representatives of Niami said the tour of the Bel Air megamansion was set for today at 5 p.m., as of this writing.

The developer at one point put a $500 million price tag on the 3.8-acre hilltop spread, which features amenities that include a 64-foot indoor pool, night club, 10,000-square-foot sky deck and wellness center, among others.

The goal of the tour, according to a representative of Niami, is to raise $250 million in minimum increments of $100,000. Niami is offering a return of 50 percent to investors, with a plan to hold events at the property part of the pitch. Commitments are due at 2 p.m. today, and “all qualified investors” and members of the press” have been invited to the tour three hours after the deadline.

The 11th-hour attempt to retain control of The One follows several others by Niami, including one that would have issued cryptocurrency backed by the project.

The latest scheme comes amid various claims by debtors and other interested parties that the recent auction won by fashion mogul Richard Saghian came in too low and should have been delayed due to the war in Ukraine and its effects on the global pool of billionaires likely to pursue such properties.

Today’s comes about 48 hours ahead of a March 18 hearing, where a bankruptcy judge is expected to sort through various claims and consider Saghian’s request to have the sale declared final.

Westside Estate Agency’s Shapiro noted that Niami would have to get court approval to buy back The One. Then he’d also have to work with debtors who have control over the megamansion’s fate. There’s also the matter of wealthy neighbors who might not want to live in the same neighborhood as an estate with a nightclub.

“I’d be surprised if he can raise $250 million so quickly,” Shapiro said. “People with a lot of money like to do their due diligence.”

A call and an email to Niami’s lawyer requesting comment were not returned.





    Related Articles

    arrow_forward_ios
    Hankey Capital's Don Hankey, Inferno Investment's Julien Rémillard and Nile Niami with The One (Hankey Capital, LinkedIn, Getty)
    Creditors for $141M Bel-Air mansion battle for position
    Creditors for $141M Bel-Air mansion battle for position
    Alex Khadavi and 777 Sarbonne megamansion (Instagram, Aaron Kirman)
    Judge cites ‘squishy market,’ approves sale of 777 Sarbonne at less than auction reserve
    Judge cites ‘squishy market,’ approves sale of 777 Sarbonne at less than auction reserve
    620 Arkell Dr., Beverly Hills (Compass)
    Latest spec mansion touts views, looks for $88M in Beverly Hills
    Latest spec mansion touts views, looks for $88M in Beverly Hills
    CTRL Collective CEO Charles “Duke” Runnels with 45 South Arroyo Parkway (LinkedIn, Loopnet, iStock)
    Co-working firm CTRL Collective files for bankruptcy
    Co-working firm CTRL Collective files for bankruptcy
    (Aaron Kirman, Getty Images)
    Next on luxe auction block: Alex Khadavi’s spec mansion
    Next on luxe auction block: Alex Khadavi’s spec mansion
    Nile Niami (The One Truth Network, Getty, iStock)
    Niami touts streaming project in wake of The One
    Niami touts streaming project in wake of The One
    Richard Saghian and The One (Getty, Concierge Auctions, iStock)
    Judge Approves Sale of The One
    Judge Approves Sale of The One
    The One and Nile Niami (Getty)
    Marathon hearing leaves The One up in air
    Marathon hearing leaves The One up in air
    arrow_forward_ios

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

    Loading...