Despite being under construction for years, The One is not complete and it lacks a certificate of occupancy as well as crucial permits for grading, electrical and other work.
The idea was simple: Nile Niami would build and sell The One, the biggest and most extravagant new home in the country. Then things went sideways.
The One, which already has been rented out for filming, is the magnum opus of flamboyant developer Nile Niami. He initially marketed the home for $500 million several years ago but was forced to put it into bankruptcy after Crestlloyd, the home’s limited liability company, defaulted on $106 million in construction loans to L.A. billionaire Don Hankey.
Concierge said its auction site drew views from 170 countries, including Australia, the United Kingdom, Germany, France and Italy — and generated some 2,800 prospects. However, after the online auction opened Monday, only five bidders from the United States and New Zealand participated. Court-appointed receiver Ted Lanes shows the property’s floating lounge, which is next to its nightclub.
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