Checkmate in WeHo for LA’s megamansion king

Embattled spec home developer Nile Niami placed a West Hollywood property in bankruptcy

Los Angeles Archive /
Dec.December 09, 2020 06:00 PM
Nile Niami and his West Hollywood property (Getty, iStock)

Nile Niami and his West Hollywood property (Getty, iStock)

Nile Niami has placed a West Hollywood spec mansion into bankruptcy, eight months after a creditor filed a notice of default on the property.

The bankruptcy filing, submitted by an entity Niami controls, values the property at $30 million and its liabilities around $59 million, according to the Wall Street Journal.

The property hit the market in early 2019 for $55 million then cut to $40 million. It’s not currently listed publicly.

A spokesperson for the embattled luxury developer said a creditor “misrepresented facts, and that put Nile in an untenable situation trying to force a foreclosure sale.”

The representative continued, “Nile is seeking all legal remedies to rectify the situation and protect his asset,” the Journal reported.

Canadian investor Lucien Remillard filed a notice of default on the property in April.

Joseph Englanoff is also a lender on the property. Englanoff took control of one of Niami’s unsold spec homes in February — a 20,000-square-foot Beverly Hills mansion —  and recently sold it for an undisclosed sum.
The West Hollywood home spans 14,000 square feet with six bed rooms and 10 bathrooms.

Niami is currently facing a lawsuit from Compass Concierge for allegedly failing to repay a $200,000 loan on a Bel Air spec home. Compass Concierge fronts money to homeowners who list their properties with the brokerage.

Meanwhile, work is nearly done on Niami’s 100,000-square-foot mansion in Bel Air, dubbed, “The One.” He claimed as recently as 2018 that the home could sell for half a billion dollars.

 

[WSJ] — Dennis Lynch


Related Articles

arrow_forward_ios
Keith McNally with Stephen Starr and David Edelstein (Getty, Patrick McMullan/Getty)
Pastis to open Miami restaurant in Wynwood
Pastis to open Miami restaurant in Wynwood
The Abaunza Group and Michael Martinez (iStock)
Michael Martinez, Abaunza Group take top One Sotheby’s awards for 2020
Michael Martinez, Abaunza Group take top One Sotheby’s awards for 2020
Palm Bay Towers (Redfin, iStock)
Palm Bay Towers unit owners sue condo board, alleging marina neglect
Palm Bay Towers unit owners sue condo board, alleging marina neglect
Frank Mendez with Patricio Cordero (inset) and the property (Linkedin, Google Maps)
Pinecrest homeowners fight lien from celebrity builder they allege was running a kickback scheme
Pinecrest homeowners fight lien from celebrity builder they allege was running a kickback scheme
Cobblestone Commons at 8767 Boynton Beach Boulevard (Google Maps)
Tricor Financial sells Winn-Dixie-anchored Cobblestone Commons near Boynton Beach for $38M
Tricor Financial sells Winn-Dixie-anchored Cobblestone Commons near Boynton Beach for $38M
200 Bal Bay in Bal Harbour (Photo via Lifestyle Production Group for Douglas Elliman)
Bal Harbour investor Joseph Imbesi lists waterfront property for $65M
Bal Harbour investor Joseph Imbesi lists waterfront property for $65M
The Bristol (iStock)
Sweet deal? Candy shop owners spend nearly $7M on condo at The Bristol
Sweet deal? Candy shop owners spend nearly $7M on condo at The Bristol
Miami-Dade condo sales map and Apogee at 800 South Pointe Drive, Miami Beach (Google Maps)
Miami-Dade condo sales and dollar volume surge at end of February
Miami-Dade condo sales and dollar volume surge at end of February
arrow_forward_ios

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

Loading...