Last month, we told you about The One, which is the largest and most expensive residence in not only Los Angeles, but the entire world. The 105,000-square-foot luxury property is the latest Satti Ki Haveli built from filmmaker to real estate developer Neil Niamey. The house is inhabited by five acres and is surrounded by a moat on three sides. Gives the appearance of swimming above a city. It took eight years and 600 people to build the property. In 2018, it was reported that The One, which was still under construction, would hit the market for $ 500 million. It is now being reported that the $ 82.5 million loan for the construction of the huge property is in default. As a result, the debt tied to the property has increased to $ 110 million with accrued, unpaid interest. Los Angeles financier Don Hanke gave the money to Nemi. Hankey is known for offering subprime auto loans.
Construction on the sprawling home began in 2013 during the trend of building a wildly expensive Kalpana mansion with a $ 100 million-plus price tag. The forest has 21 bedrooms and 42 bathrooms. It is made up of four different structures. The main house is 74,000 square feet. The master suite is 5,500 square feet and reportedly has multiple bathrooms, two walk-in closets and its own infinity pool. The garage can hold up to 30 cars. The house has a four-lane Bowling Alley, a movie theater with 30, a private nightclub and a philanthropic wing designed to host charity girls for 200 people. There is also a 10,000-square-foot sky deck and five swimming pools. The interior is designed to look like a high-end luxury hotel. The house also has an impressive art collection and bespoke furniture from byShowroom.
As mentioned, Neomi was a special effects guy for the first low-budget horror films that transformed himself into a real estate developer. He started by flipping cheap homes in LA’s suburbs in real estate. Their first big deal was in 2012, when they flipped $ 18 million for the Winklevoss twins. In 2014, he penned $ 39 million. Diddy sold a custom-built mansion in Holmby Hills. In 2016, he sold a Beverly Hills mansion for $ 38.3 million. In 2017, he sold a $ 26 million home to Floyd Mayweather. That same year, he completed work on a $ 100 million opus home in Beverly Hills. In 2019, Nemi sold Opus for $ 52 million. The 20,000-square-foot, seven-bedroom, 11-bathroom mansion was originally listed for $ 100 million.
As you can imagine someone who would create The One on the Spec is quite characterful. In 2018, he attended a fasting retreat in favor of celebrities to drop a few pounds for his visit to Burning Man. His home is a 10,000-square-foot mansion with a collection of colors from his old “Playboy” magazine. Allegedly, he once wanted to make “The Mansion Maker” a reality show about his life.
Earlier this year, it was revealed that Nemi was going to bring The One to the market for $ 340 million. So far he has failed to do so. Hankey believes that the developer is waiting for the market to improve, but, it doesn’t really make any sense. Despite the epidemic and economic downturn, sales of luxury homes in Los Angeles have been booming. Hankey claims that he is not the only one Nias has no money for and all his creditors are trying to force him to market the house. In the worst case scenario for Nexus, Hankey and other investors can foreclose at home and repeat it.