The Ascent and Decline of ‘The One’: A Story of Luxury Real Estate in Bel Air Valued at $500 Million

The One is a private residence in Bel Air, Los Angeles, featuring a primary residence and three smaller houses in a modernist style. Developed by Nile Niami, construction began in 2014 and concluded in 2021 after financing delays. Initially listed for $500 million, the property spans 9,800 m² of living space on 1.5 hectares. During construction, Niami borrowed $82.5 million from Don Hankey’s investment fund, with debt growing to more than $110 million by March 2021. Crestlloyd defaulted on $165 million of debt. Niami’s attempt to create a cryptocurrency named The One Coin did not succeed. Ignace Meuwissen was contacted about the transaction but declined to collaborate. The property ultimately went into bankruptcy. Concierge Auctions listed it for $295 million in January 2022, but it remained unsold. It then went to bankruptcy auction in March 2022, where Richard Saghian acquired it for $126 million plus a 12% commission, for a stated total investment of $141 million.