The $500 Million Dream That Collapsed: 7 Shocking Secrets Of 'The One' At 944 Airole Way, Bel Air
As of late 2025, the address 944 Airole Way in Bel Air, Los Angeles, remains one of the most infamous and fascinating properties in the world of ultra-luxury real estate. This is the official location of "The One," a colossal mega-mansion that became a symbol of both extravagant ambition and spectacular financial failure. The story of this 105,000-square-foot estate—from its $500 million valuation to its record-breaking, yet dramatically reduced, sale—is a cautionary tale that continues to captivate global audiences.
The property is more than just a house; it’s a modern architectural monument, a sprawling compound that redefined the scale of private residential living. Its journey through development, debt, bankruptcy, and a historic auction provides a unique, in-depth look into the volatile high-stakes world of Los Angeles’s wealthiest elite and the ultimate price of unparalleled luxury.
The One: Biography of a Bel Air Behemoth
The history of the property at 944 Airole Way is inextricably linked to its developer's vision and subsequent financial troubles. The following profile details the key facts and figures of this iconic estate:
- Official Name: The One.
- Address: 944 Airole Way, Bel-Air, Los Angeles, CA 90077.
- Property Type: Single-family residence (Mega-Mansion).
- Architectural Style: Modernist.
- Size: Approximately 105,000 square feet (the largest in L.A.).
- Land Area: Nearly 4 acres.
- Bedrooms/Bathrooms: 21 Bedrooms, 49 Baths (42 full, 7 half).
- Developer: Nile Niami (Crestlloyd LLC).
- Lead Architect: Paul McClean (McClean Design).
- Original Valuation: $500 million (pre-auction).
- Auction Listing Price: $295 million.
- Final Sale Price: $141 million (including buyer's premium/fees).
- Date Sold: March 30, 2022.
- Current Owner: Richard Saghian, CEO of Fashion Nova.
1. The Visionary Developer and the Architect Behind the Dream
The entire project was the brainchild of film producer-turned-developer Nile Niami. His goal was simple: to build the most expensive and largest private residence in the United States, a true "one-of-a-kind" estate, hence the name, "The One". The development took nearly 10 years to complete, a testament to the sheer scale and complexity of the modernist design.
To realize this ambitious vision, Niami enlisted the expertise of renowned architect Paul McClean of McClean Design. McClean is a master of contemporary, light-filled luxury homes in Southern California, and his design for The One focused on maximizing the property’s elevated position to capture breathtaking 360-degree panoramic views of the Pacific Ocean, the San Gabriel Mountains, and downtown Los Angeles. The architectural style is defined by clean lines, massive glass walls, and an overwhelming sense of floating above the city.
2. The Astronomical $500 Million Valuation That Never Materialized
Before its financial troubles, The One was publicly touted with an astonishing asking price of $500 million, a figure that would have shattered all existing U.S. real estate records. This valuation was based not only on the size and quality of the construction but also on the unique, irreplaceable location and the sheer audacity of the amenities. The developer’s initial intent was to create a trophy asset that would appeal to the world’s wealthiest billionaires, setting a new benchmark for ultra-high-end luxury homes.
However, the price proved to be a major obstacle. Despite the global interest and tours by prospective buyers, no one stepped forward to meet the half-billion-dollar price tag. The property’s debt load, which reportedly exceeded $165 million, ultimately forced the developer’s company, Crestlloyd LLC, into bankruptcy, leading to the dramatic court-ordered auction.
3. The Record-Breaking Yet Discounted Auction Sale
The sale of 944 Airole Way in March 2022 was historic for several reasons. It was the first time a property of this magnitude was sold via a court-ordered auction, managed by Concierge Auctions.
- The Bidding War: The auction attracted interest from over three dozen prospective buyers, including billionaires from the Middle East and Asia, highlighting its status as a global asset.
- The Final Price: The winning bid was $126 million, which, when combined with the 12% buyer’s premium, brought the total sale price to $141 million.
- The Record: This transaction set a new record for the most expensive home ever sold at auction in the United States.
Despite the record, the final sale price of $141 million was a staggering 72% discount from the initial $500 million valuation and significantly below the $295 million auction list price. This massive drop underscored the harsh reality of the ultra-luxury market and the financial distress of the developer.
4. The Fashion Nova CEO's Strategic Acquisition
The new owner of The One is Richard Saghian, the CEO and founder of the fast-fashion giant Fashion Nova. Saghian, who also owns other luxury homes in the Hollywood Hills and Malibu, saw the auction as a unique opportunity to acquire a world-class property at a substantial discount. His acquisition of the 105,000-square-foot compound solidified his place among Los Angeles's most prominent real estate owners and provided Fashion Nova's leadership with an unparalleled corporate and residential asset.
5. Unrivaled Amenities: The Ultimate Luxury Lifestyle
The true value of 944 Airole Way lies in its mind-boggling list of amenities, designed to cater to every conceivable desire of a global billionaire. The sheer scale and variety of features contribute significantly to its topical authority as a luxury real estate entity:
- Pools: Seven water features, including an indoor spa and several outdoor infinity pools. The 5,000-square-foot master suite even has its own separate private pool.
- Entertainment: A 40-seat movie theater, a bowling alley, a full-service beauty salon, a juice bar, and a nightclub with a full DJ booth.
- Garage: Parking for over 30 cars, including two massive display turntables.
- Wellness: A state-of-the-art gym and a running track surrounding the property's perimeter.
- Unique Features: A separate guesthouse, a massive library, and a jellyfish tank that serves as a living art installation.
6. The Debt and Bankruptcy Saga
The glamour of The One was overshadowed by its financial woes. The project was heavily financed, and as construction dragged on and costs ballooned, the developer, Nile Niami, defaulted on over $100 million in debt. This financial failure led to the appointment of a court-ordered receiver and the subsequent Chapter 11 bankruptcy filing by Crestlloyd LLC. The auction was the legal mechanism used to satisfy the numerous creditors, including the primary lender, Don Hankey, a billionaire known for subprime auto loans. The sale was a complex legal battle, ultimately ensuring that the property found a new owner, albeit at a price far lower than the debt owed.
7. A New Era of Ultra-Luxury Real Estate
The saga of The One at 944 Airole Way has forever changed the landscape of Los Angeles luxury real estate. It proved that even the most ambitious, largest, and most expensive homes are not immune to market forces and financial mismanagement. The property now stands as a monument to the peak of the mega-mansion development trend in Bel Air, Beverly Hills, and Holmby Hills. Its sale serves as a critical data point, suggesting a ceiling for what even the world's wealthiest individuals are willing to pay for a non-historic, newly-built luxury compound, shifting the focus of the ultra-high-end market toward more discreet, albeit still massive, estates.
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