Hole in ‘One’
hologram. But that never happened.
Now, Niami has released a video, where he lays out a convoluted plan to tokenize the house and sell it as a digital currency, dubbed “The One Coin.” Good luck with that!
“I get what he is thinking,” said one broker who toured the property. “Some homes have sold for up to $3,000 a square foot in Los Angeles or Malibu. Niami is probably thinking he can get that for 105,000 square feet. But it doesn’t compare.”
The One isn’t the only pumped-up West Coast palazzo to flop. Spitting distance from the One, Gigi and Bella Hadid’s dad, Mohamed, started to build a mansion at 901 Strada Vecchia Road in Bel Air that a court has ordered him to tear down because of faulty construction.
In August, the famed Beverly Hills Hearst Estate, once listed for $195 million, sold for just $47 million after 14 years on the market. Developer Bruce Makowsky sold another megamansion at 924 Bel Air Road — which included a helipad, five bars, a bowling alley, a 40-seat movie theater, an 85-foot infinity pool and a massive candy wall, according to reports — that was asking $250 million in 2019 for only $94 million. A 120-acre undeveloped estate owned by late Microsoft Corp. cofounder Paul Allen —ontopofa ridge in Beverly Crest — just sold for $65 million. That’s less than half of its $150 million asking price. Niami did not respond to interview requests, nor did his biggest lender, Don Hankey, of Hankey Capital, who made a fortune in car loans. This is not the first time a Niami megamansion is in trouble either. He started off OK — selling a $40 million Holmby Hills home with an underwater tunnel to P. Diddy, followed by a $38 million home to billionaire private equity investor Brian Sheth, and a $25 million renovated Beverly Hills home to boxer Floyd Mayweather, according to the LA Times. But as Niami’s homes and dreams got bigger, so did his losses. One home he marketed for $100 million, dubbed “Opus,” ended up valued at $38 million and sold for an unknown price. “LA was a cheeseball place and then it got sophistication like New York, and cheeseball finishes no longer fly off the shelves,” a broker said. “[Niami’s] stuff looks like Las Vegas casinos back in the day.”