Real estate developer Nile Niami makes a last-minute pitch to create digital currency before the 105,000-square-foot property goes to auction next month.
The Bel Air mega-mansion that has been described as among both the largest and most expensive homes ever built is slated for auction early next month.
Any eventual sale will end a nearly decade-long process by Los Angeles luxury real estate developer Nile Niami to dream, design and oversee construction of a home so large and extravagant that it was named The One.
The opening bid? $295 million. That is, unless investors buy into a last-minute idea by Niami to create a virtual currency tied to the value of the home and the business it could be used to generate.
“Ten years in the making, The One is the largest and grandest house ever built in the urban world,” according to a news release announcing the listing. “A home of this magnitude will never again be built in Los Angeles, cementing The One in a class of its own.”
At $2,809 per square foot for the opening bid, the 105,000-square-foot mansion is valued at just a fraction of the $500 million total Niami had originally expected to fetch, and $55 million less than the $350 million he sought a year ago. The home would need to exceed $361,004,000 to be the most expensive ever sold, according to Christie’s International Real Estate.
The property, at 944 Airole Way in Los Angeles, is slated for auction from Feb. 7–10 via Concierge Auctions and represented by Aaron Kirman of Compass and Branden and Rayni Williams of The Beverly Hills Estates.
“We have a clear objective, which is to sell the house to the highest bidder for the most money. That’s our objective,” Kirman said. “The directive that we’ve been told is to ensure the house sells to the swiftest bidder who’s willing to move fast and ideally pay cash.”
The property is set to be listed on Jan. 7. Yet two days before plans for the auction were unveiled, Niami released a video asking for investors to buy into the idea of a digital currency whose value would be tied to the home.
He alluded to using the home as a staging ground for world-class boxing matches, weddings and other events, and he said the Los Angeles Fire Department had signed off on plans for a 1,600-person event on the property.
“Unlike the Mona Lisa, you have hundreds of things that you could do with The One,” Niami said in the video. “From weddings, to building businesses, to unveiling new products, to world-changing pay-per-view events, to creating your own pay-per-view platform, to NFTs,” he said.
All of it could be tied to “The One Coin” digital currency and leveraged on the extravagant features built into the property, unless it sells first.
What makes it ‘The One?’
Niami bought the land on which the home was built in 2012, before builders started scraping the top of the mountain to create the platform for the home.
Niami worked with L.A. architect Paul McClean to design the luxurious details that would require feats of design and engineering.
The home is built in layers and includes floating water features creating a moat-like effect that leaves open unobstructed views of the entire L.A. basin and Pacific Ocean.
There are numerous features that set the stage for hosting events.
A lush outdoor lawn offers expansive views of the valley below. There’s a 10,000-square-foot sky deck with putting green, an indoor nightclub with wet and dry fire seating areas, a 10,000-bottle wine cellar, five pools and custom theaters throughout the property.
Other features would allow the home to function as a huge private residence.
A 5,000-square-foot primary suite with private pool and massive walk-in closets. A four-lane bowling alley, cigar lounge, decks, spas and steam rooms appeal to the entertainer. The home boasts 21 bedrooms throughout.
There are multiple offices, kitchens and bathrooms throughout (49 full or partial bathrooms in all). Custom art installations decorate indoor and outdoor spaces.
To staff such a large and luxurious estate, Niami included an 8,800-square-foot staff quarters with seven bedrooms.
Showings are available in-person by appointment or virtually.