04/19/2025
The One was supposed to be the crown jewel of American real estate.
But it never found a buyer—until a court forced it to.
Originally listed at $500 million, the Bel-Air megamansion took over 8 years to complete. With 105,000 square feet, 21 bedrooms, five pools, and a private nightclub, it was meant to shatter records.
But financial issues spiraled—loans defaulted, construction stalled, and the dream collapsed into bankruptcy.
In 2022, it was auctioned off for $141 million to Richard Saghian, the CEO of Fashion Nova.
He called it a “once-in-a-lifetime property.”
But for its builder, Nile Niami, it became a very expensive lesson.
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