Friday, January 28, 2022

Inside $500M Bel Air mansion heading to foreclosure auction

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Launched in 2017 as a $ 500 million whistleblower, the swollen palace in Bel Air, California, is now sinking under a $ 180 million debt mountain. It officially hit the market on Jan. 7 for $ 295 million and will go on sale a month later on the auction block with a minimum bid of $ 250 million – the latest example of a failed Los Angeles mega-estate.

The 105,000-square-foot residence by manufacturer Neil Niami is known as “One” and is larger than most office buildings. Listing brokers Ryan and Branden Williams of Beverly Hills Estates and Aaron Kirman of Compass say this is a once-in-a-lifetime opportunity.

“This house can never be rebuilt,” Williams said.

Neighbors hope! To the horror of many megamances – the largest so far – they changed the building code. (“I never called the house ‘Single.’ and talked about bankruptcy.)

“It’s one of the ugliest houses I’ve ever seen,” said a broker who toured the property. “Only a man with a terrible taste wants to shout to the world that he is rich [would buy it], and yet I am not so sure.

The megamansion is 105,000 square feet.

The property covers an area of ​​3.8 hectares and has a “view from every room”, several kitchens, 10,000 bottles of wine, a gym, spa, lounge, bowling alley, cinema, nightclub, five swimming pools and a trench provided with, brokers say. .

“Someone will have a great purchase,” Williams added. “This is the Mona Lisa of modern homes. It was built on one of the world’s premiere sites. “

“Only a man with a terrible taste wants to shout to the world that he is rich [would buy it], and yet I am not so sure.

Anonymous broker

But while the house was once sold as the largest in the country, it is not. That difference applies to the 178,926-square-foot Biltmore property in North Carolina, followed by the 109,000-square-foot Oheka Castle in New York.

Marketing materials say the home is “ready to go down in history as the most expensive home in the world sold at auction.”

That’s not true either: even if the spread is sold for $ 500 million, the New York-based realtor-Italian princess is auctioning off the Roman Palace this month, and she could reach a bid of $ 534 million.

Plus, even if One finds a buyer, they can’t live there – yet. According to reports, construction has been going on for so long, but there is still no housing certificate. (“They are very close to getting a residence certificate. There are several negotiations between the city and the Bel Air real estate company. We are talking about money at the end of the day,” the source said.

Photos by Mila Sharg, Madison Pappas, Neil Niami and Jenny Mandel
Neil Niami, third from right, is the producer of One.

Niami (inset), the maker of the megamation (he and his ex-wife own a private home through LLC) helped bring the structure into Chapter 11 bankruptcy last fall. The move temporarily halted the planned foreclosure sale. At the time, Niami told reporters he was working on a deal. This included living at home and hosting boxing competitions and charity galas where performers like Michael Jackson and Whitney Houston would return from the dead to perform through the hologram. But that never happened.

Now Niami has released a video in which he developed a sophisticated plan called “Single Coin” to tokenize the house and sell it as a digital currency. Good luck with that!

“I understand what he’s thinking,” said one of the brokers who toured the property. “Some houses in Los Angeles or Malibu sell for up to $ 3,000 per square meter,” he said. Niami probably thinks it can get 105,000 square feet. But it’s incomparable. “

“One” is not the only palazzo on the West Coast.

Location of Mohamed Hadid on 901 Strada Veccia Road.
One overlooks 901 Strada Vecchia Road in Bel Air, another unfortunate house being demolished, built by Muhammad (interior), the father of Gigi and Bella Hadid.

Gigi and Bella Hadid’s father, Muhammad, began building a house on 901 Strada Vecchia Road in Bel-Air and the court ordered it to be demolished due to improper construction.

In August, the famous Beverly Hills Hearst property, once listed for $ 195 million, was sold on the market after only $ 47 million after 14 years. Programmer Bruce Makowski sold another megamation on 924 Bel Air Road – which included a helipad, five bars, a bowling alley, a 40-seat movie theater, an 85-foot endless pool and a huge candy wall – that was what he asked for. $ 250 million in 2019 for just $ 94 million. The 120-acre undeveloped property on the ridge at Beverly Crest, owned by the late Microsoft co-founder Paul Allen, has just been sold for $ 65 million.

That’s less than half of the $ 150 million he asked for.

Niami did not respond to interview requests, nor did its largest lender, Don Hanki, who made his fortune on car loans from Hankey Capital.

This is not the first time that a megamension in Niami has been in trouble. He got off to a good start – he sold P. Diddy a $ 40 million underwater tunnel house in Holmby Hills, then a $ 38 million home to billionaire private investor Brian Shet and a $ 25 million renovated home to Beverly Hills boxer Floyd Mayweather. LA Times.

Diddi and Meyvezer side by side.
In the days of good megamation, Niami sold to Diddy and Floyd Mayweather.

But as Niami’s homes and dreams grew, so did her losses. He sold it for $ 100 million, a house called Opus was valued at $ 38 million and sold for an unknown price.

“LA was a cheeseball place, then it was as elegant as New York, and the cheeseball finish doesn’t fly off the shelves,” the broker said. “[Niami’s] things are like casinos in Las Vegas.

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