News Summary
The mega-mansion known as “The One,” located in Beverly Hills, has been sold for $126 million at a bankruptcy auction, significantly lower than its original listing price. The sale attracted five bidders and highlighted the financial struggles of its developer. With 100,000 square feet of lavish amenities but ongoing structural issues and lack of occupancy permits, the fate of the property remains uncertain as the new buyer is set to be revealed soon. The auction outcome reflects the complexities within the luxury real estate market.
Beverly Hills, CA – The mega-mansion known as “The One,” located at 944 Airole Way, has been sold for $126 million at a bankruptcy auction, significantly below its initial listing price of $295 million. The sale, which occurred amidst financial troubles for the property’s developer, Nile Niami, attracted five bidders, including participants from both the United States and New Zealand.
The identity of the buyer will be disclosed on March 8, coinciding with a bankruptcy judge’s hearing to approve the sale. There is a possibility the buyer may opt for anonymity through a limited liability company (LLC), a common practice in high-end real estate transactions.
Despite its grand ambitions as a landmark in Los Angeles luxury real estate, “The One” has never been occupied and does not possess a certificate of occupancy. Initially marketed by Niami even before its completion, the mansion garnered hope as the most anticipated property in the luxury sector over the last decade.
At a staggering 100,000 square feet, “The One” boasts extensive amenities that include a 4,000-square-foot guesthouse, a sky deck with cabanas, a theater, a full-service spa, a nightclub, a four-lane bowling alley, and multiple swimming pools, as well as a moat. The mansion features 21 bedrooms and 42 full baths, catering to a lavish lifestyle.
However, the property has not been without criticism. Local real estate brokers have labeled it as “100,000 square feet of drywall,” reflecting concerns about its overall design and construction. Some brokers have expressed skepticism that only someone with questionable taste would consider purchasing the mansion merely to flaunt wealth.
Prior to its auction, “The One” faced multiple reports of construction flaws and ongoing code violations, along with a notable lack of occupancy permit. The development’s debt has reportedly escalated to $256 million, with the largest creditor being billionaire Don Hankey, who lent Niami $106 million and is owed $130 million.
Hankey has indicated that the buyer potentially acquired the property at a favorable price and suggested that “The One” may never have been intended for residential use. Furthermore, Hankey acknowledged the potential for earnings from film and commercial rentals, estimating they could yield approximately $50,000 per day.
The auction’s outcome highlights the challenges faced in the luxury property market and the financial complexities that can arise in high-stakes real estate investments. As the sale moves towards final approval, the fate of “The One” remains a focal point in the narratives surrounding luxury developments in the often volatile Beverly Hills market.
As potential future occupants or investors consider this striking property, the success of “The One” will depend on resolving its structural issues and obtaining the proper permits to finally attain its purpose as a remarkable residence, or perhaps remain a cinematic backdrop in the world of film and media.
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Additional Resources
- Los Angeles Magazine: Beverly Hills Mega-Mansion “The One” Sold
- Wikipedia: Beverly Hills
- Los Angeles Times: Planned Beverly Hills Public Gardens Unveiled
- Google Search: Beverly Hills public gardens
- Beverly Hills Courier: New Details Released for Botanical Gardens at One Beverly Hills
- Encyclopedia Britannica: Beverly Hills
- Wall Street Journal: Beverly Hills $10 Billion Luxury Development
- Google News: Beverly Hills luxury development
- Shopping Center Business: Tenants Announced for One Beverly Hills Development
- Google Scholar: Beverly Hills real estate
Author: STAFF HERE BEVERLY HILLS WRITER
The Beverly Hills Staff Writer represents the experienced team at HEREBeverlyHills.com, your go-to source for actionable local news and information in Beverly Hills, Los Angeles County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Rodeo Drive Concours d'Elegance, the Beverly Hills artSHOW, Concerts on Canon, and holiday celebrations throughout the city. Our coverage extends to key organizations like the Beverly Hills Chamber of Commerce and Visit Beverly Hills, plus leading businesses in luxury fashion, hospitality, and entertainment that drive the local economy. As part of the broader HERE network, including HERELosAngeles.com, HERESantaAna.com, HEREHuntingtonBeach.com, and HERECostaMesa.com, we provide comprehensive, credible insights into Southern California's dynamic landscape.
