The saga over the sprawling Bel Air estate known as “The One” isn’t over yet, with the original developer working to gather investors in hopes of raising enough money — with a deadline of Wednesday — to buy back the property before a bankruptcy court approves its sale.
Nile Niami and his Skyline Development firm announced late Monday an effort to raise $250 million in hopes of retaining the property. But time is short. A bankruptcy court hearing is scheduled for Friday, when a judge will likely approve the results of an auction conducted last week.
In that auction, Fashion Nova founder Richard Saghian emerged as the winning bidder for the property, offering a total of about $141 million.
But in a statement released late Monday, Skyline announced it is recruiting investors willing to pony up a minimum investment of $100,000 by 2 p.m. Wednesday.
According to the statement, prospective investors who meet the deadline will be given a personal walk-through of the 105,000-square-foot hilltop home by Niami on Wednesday night.
Prospective investors are being offered a share of any future profits generated by the property, “whether it’s an event, short-term rental, etc. The specific percentage given will correlate with the amount invested.”
According to Concierge Auctions, which managed the bankruptcy bidding, the estate “is the largest and grandest house ever built in the urban world.” The property includes five pools, a nightclub, salon and spa, along with a 10,000-square-foot sky deck, 400-foot private outdoor running track and a movie theater.
The estate, which is still incomplete, sprawls across nearly 4 acres, and includes 42 full bathrooms and seven half-baths.
Niami once boasted it would sell for as much as $500 million. But the project fell into deep debt, leading to the bankruptcy.