Developer of `The One' Bel Air Home Looks to Retain Property

(Allen J. Schaben / Los Angeles Times)

Photo: (Allen J. Schaben / Los Angeles Times)

BEL AIR (CNS) - The saga over the sprawling Bel Air estate known as ``The One'' isn't over yet, with the original developer working to gather investors in hopes of raising enough money -- with a deadline of today -- to buy back the property before a bankruptcy court approves its sale.  

Nile Niami and his Skyline Development firm announced late Monday an effort to raise $250 million in hopes of retaining the property. But time is short. A bankruptcy court hearing is scheduled for Friday, when a judge will likely approve the results of an auction conducted last week.  

In that auction, Fashion Nova founder Richard Saghian emerged as the winning bidder for the property, offering a total of about $141 million.  

But in a statement released late Monday, Skyline announced it is recruiting investors willing to pony up a minimum investment of $100,000 by 2 p.m. Wednesday.  

According to the statement, prospective investors who meet the deadline will be given a personal walk-through of the 105,000-square-foot hilltop home by Niami on Wednesday night.  

Prospective investors are being offered a share of any future profits generated by the property, ``whether it's an event, short-term rental, etc. The specific percentage given will correlate with the amount invested.''  

According to Concierge Auctions, which managed the bankruptcy bidding, the estate ``is the largest and grandest house ever built in the urban world.'' The property includes five pools, a nightclub, salon and spa, along with a 10,000-square-foot sky deck, 400-foot private outdoor running track and a movie theater.  

The estate, which is still incomplete, sprawls across nearly 4 acres, and includes 42 full bathrooms and seven half-baths.  

Niami once boasted it would sell for as much as $50

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