‘The One’ heads for February auction. But Nile Niami hatches a crypto counterplan
LA TimesAn aerial view of “The One,” a 105,000-square-foot mega-mansion in Bel-Air by Nile Niami of Skyline Development and designed by Paul McClean. That’s the developer’s latest plea in a video released Monday night as he tries to halt the looming auction of “The One,” the 105,000-square-foot mega-mansion that he spent the last decade creating. On Dec. 16, Niami’s development company Crestlloyd filed an agreement in U.S. Bankruptcy Court to auction off the extravagant estate to the highest bidder, with the proceeds of the sale going toward paying off $180 million in debt that Niami racked up on the property to multiple lenders over the years. Sporting a tie-dye T-shirt and sunglasses overlooking a tropical beach in the video, Niami said he wants to create a cryptocurrency called “The One Coin” that would be backed by the home.
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