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Nile Niami

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Nile Niami
Born (1968-02-25) February 25, 1968 (age 56)
Los Angeles, California, U.S.
Occupation(s)Film producer, real estate developer
TitleDeveloper
The ONE

Nile Niami (born February 25, 1968) is an American Indian former film producer turned real estate developer, who has built and sold multi-million dollar mansions in the Los Angeles neighborhoods of Bel Air and Holmby Hills.[1]

Early life

Niami was born in 1968 in Los Angeles, California.[2] He was raised by a single mother,[3] a special education teacher.[2]

Career

Niami started his career as a film producer.[2][4][5] He produced 15 films, many of them B movies, before he started building small condominiums and renovating homes to sell.[3]

As a real estate developer in Los Angeles, Niami built a mansion in Holmby Hills which he sold to a Saudi buyer for US$44 million.[4] He built another house in Holmby Hills, which was purchased by musician Sean Combs for US$39 million in 2014.[6] He also hired architect Paul McClean to build a house for the Winklevoss twins Cameron and Tyler in the Bird Streets (north of Sunset Boulevard).[4][2] He built a house in Trousdale Estates, a neighborhood in the city of Beverly Hills, with "a spinning car turntable, similar to those in auto showrooms, that's visible from the living room."[2]

Niami launched Wolfpack, a mobile app for single men looking for friends;[2] it is no longer available.[7]

"The One"

Niami's mega-mansion in Bel-Air, "The One" (34°05′18″N 118°27′06″W / 34.0883134°N 118.4516027°W / 34.0883134; -118.4516027), was also designed by Paul McClean.[5][8][9] After eight years of development and numerous delays, it was completed in 2021.[3] The construction attracted unease from the Bel-Air Homeowners Alliance,[4] whose chairman, Fred Rosen, suggested it was so big it should have been "considered a commercial project", subject to more restrictive regulations.[2] It was billed as the most expensive private residence in the United States,[10] and at 105,000 square feet, is one of the country's largest private homes.[3] The residential property features nine bedrooms, multiple kitchens, a nightclub, four-lane bowling alley, salon, gym, 50-seat theater, a running track, a 50-car underground garage, and a moat.[11]

In March 2021, Niami's LLC, Crestlloyd, defaulted on US$165 million in debt related to the property, causing it to enter receivership.[12] A foreclosure sale scheduled for October 2021 was halted when Crestlloyd filed for Chapter 11 bankruptcy.[13]

In July 2021, the 3.8-acre property was placed in court-ordered receivership by Los Angeles County Superior Court. Ted Lanes of Lanes Management was appointed as receiver.[14] Lanes oversaw completion of the property and secured a certificate of occupancy.

Once valued at US$500 million, "The One" was formally listed for sale in January 2022 at an asking price of US$295 million.[15] It did not receive an offer and on March 4, 2022, The property was sold at auction for US$127 million, becoming one of the most expensive houses ever sold at an auction in the United States. It broke the previous record that was set in 2021 when The Hearst Estate in Beverly Hills sold at auction for US$63.1 million.[16] The buyer was Richard Saghian, owner of Fashion Nova.[17]

Personal life

Niami purchased Scooter Braun's Bel Air house for US$9.5 million in July 2015.[18]

Filmography

As producer

References

  1. ^ "Foreclosure looms for Nile Niami's infamous mega-mansion 'The One'". Los Angeles Times. 2021-03-09. Retrieved 2021-04-17.
  2. ^ a b c d e f g Bagley, Christopher (November 13, 2015). "The Making of the Most Expensive Mansion in History". Details. Retrieved January 24, 2016.
  3. ^ a b c d Candace Jackson, "Who Wants to Buy the Most Expensive House in America?" New York Times, December 23, 2017.
  4. ^ a b c d Halderman, Peter (December 5, 2014). "In Los Angeles, a Nimby Battle Pits Millionaires vs. Billionaires". The New York Times. Retrieved January 24, 2016.
  5. ^ a b Tablang, Kristin (June 30, 2015). "7 Things to Know About the Coming $500 Million Mega-Mansion in Bel Air". Forbes. Retrieved January 24, 2016.
  6. ^ Barragan, Bianca (September 16, 2014). "Diddy's New $39-Million Mansion Has an Underwater Tunnel". Curbed.com. Retrieved January 24, 2016.
  7. ^ Tablang, Niami (January 22, 2015). "Wayback Machine: Wolfpackapp". wolfpackapp. Archived from the original on 2015-01-22. Retrieved June 4, 2021.
  8. ^ "The World's Largest—and America's Priciest—Home Is Ready for Its Close-up". Architectural Digest. 2021-01-12. Retrieved 2021-08-18.
  9. ^ Gittelsohn, John (May 26, 2015). "California Dreaming: Record $500 Million Tag on L.A. Home". Bloomberg Business. Retrieved January 24, 2016.
  10. ^ Tuttle, Brad (May 28, 2015). "This Is America's Biggest, Priciest New Home". Money.com. Archived from the original on April 23, 2021. Retrieved January 24, 2016.
  11. ^ "Most expensive home in America defaults on $165 million in debt, heads for sale". CNBC. 2021-09-08. Retrieved 2022-01-06.
  12. ^ Frank, Robert (2021-09-08). "Most expensive home in America defaults on $165 million in debt, heads for sale". CNBC. Retrieved 2021-09-08.
  13. ^ Randles, Jonathan (October 27, 2021). "Nile Niami's L.A. Megamansion 'The One' Is Put Into Bankruptcy". WSJ. Retrieved November 25, 2021.
  14. ^ "Nile Niami's Bel Air behemoth enters receivership". The Real Deal. 2021-09-09. Retrieved 2022-01-06.
  15. ^ "A Los Angeles megamansion could sell for $295 million". CNN. 2022-01-06. Retrieved 2022-01-06.
  16. ^ "Nile Niami's The One Megamansion Sells at Auction for $126M". The Real Deal Los Angeles. 2022-03-04. Retrieved 2022-03-04.
  17. ^ "So who bought L.A.'s 'The One' mega-mansion? The owner of Fashion Nova". Los Angeles Times. 2022-03-07. Retrieved 2022-04-21.
  18. ^ Leitereg, Neal J. (July 13, 2015). "Scooter Braun sells to developer building $500-million Bel-Air compound". Los Angeles Times. Retrieved January 24, 2016.
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