It's a story that has captivated Los Angeles real-estate observers for a decade: 'The One' was supposed to become America's priciest home, but instead left a trail of debt in its wake.
Nile Niami planned to list the roughly 105,000-square-foot Los Angeles megamansion for $500 million. Instead, the home was auctioned off for $126 million, leaving a trail of debt in its wake.Real-estate agent Rayni Williams stood under the hot Los Angeles sun, her Manolo Blahnik heels digging into the dirt of a vacant development site priced at $8.995 million on tony South Mapleton Drive. It was 2011, and she was waiting for a potential buyer.
A man emerged from a silver Rolls-Royce Ghost, dressed head-to-toe in light-colored linen with a deep tan and dark, slicked-back hair, Ms. Williams said. She handed him the heavy roll of architectural plans that had been drawn up for the site, which he slammed down on the hood so hard she said she feared had dented it. He declared, “I’m gonna make an offer.”
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