Ahead of an auction appearance next month, the wildly extravagant modern-style Bel-Air property that’s been titled The One is expected to hit the open market this week.
The house, developed by Nile Niami, has been the source of a seemingly endless stream of news articles over the ten years or so, as well as a few visits to court. Time was, Niami boasted about selling the glassy, why-go-anywhere-everything’s-here pile for half a billion dollars.
But that was then, and this is now, and, to put the matter in terms of Coleridgean poetical metaphor, the house has become something of a local albatross. It was floated a year ago at a more sensible $340 million but no dice. Saving an ambitious buyer with $295 million to ante on the ultimate residential trophy, and another ten or twenty mil to finish it, the house will likely go to auction in February. That’s a whole lotta eggs for one basket, but then again, the basket spans 105,000 sq. ft, the build quality seems second to none, and the bragging rights should last a long while.
Niami temporarily halted the auction process this past autumn by virtue of the bankruptcy filing for Crestlloyd, his development company, but the listing indicates a last-ditch attempt to unload the unfinished mansion before it goes under the gavel—with no reserve. One way or another, the decade-long story will soon have an ending.