The largest mansion in Los Angeles, a Bel-Air spread named “the One,” has had its auction sale approved to Fashion Nova CEO Richard Saghian.
“I’m grateful that Judge Saltzman approved my bid,” Saghian told The Post in an emailed statement. He had argued that the court should approve his bid because he followed the process and has enough money in his coffers. “I look forward to collaborating with the City of Los Angeles, the Bel-Air Association, my new neighbors and my design team to complete and perfect this iconic property.”, amounted to $126 million, but grew to $141 million when adjusted for the fee.
Developed by Nile Niami over the course of a decade, the mansion certainly comes with certain bragging rights. It stands on 4 acres of land with 360-degree views of downtown Los Angeles, the Pacific Ocean and the San Gabriel Mountains — and it’s aptly packed with over-the-top amenities, such as five pools, a beauty salon and a 30-car garage.But issues added up.
Niami and his ex-wife, Yvonne, owned The One through the company Crestlloyd, LLC. But finding a buyer on the open market was difficult, and that was reportedly due in part to alleged construction defects cited in court records, such as cracks and stains along the bulk of roughly 30,000 square feet of white marble flooring. The One still also doesn’t have a certificate of occupancy, meaning no one can reside there.
Meanwhile, attorneys for the Canadian firm Inferno Investment Inc., also with some $20 million in claims, had cited a written offer from a Saudi royal willing to shell out $160 million, as well as “multiple potential buyers circling with higher numbers,” according to Bloomberg.Saltzman dismissed those claims, saying that no formal or approved offers came through following the early March auction.
Niami, for his part, told Bloomberg he’ll now focus on something new: a reality TV network he wants to call “The One Truth.”
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