Skyline Development: Nile Niami Blocked In His Efforts To Save The One

LOS ANGELES--(BUSINESS WIRE)--Skyline Development announced today that Crestlloyd LLC, the debtor-in-possession of The One, reneged on its agreement to allow prospective investors and members of the press to tour The One on March 16^th.

On March 14^th, Crestlloyd approved the press release that was distributed worldwide that very same evening, announcing mega-developer Nile Niami’s efforts to save The One from the recently announced auction sale. It has been widely publicized that said auction sale did not provide sufficient funds to pay off all the creditors, including Niami. Niami’s efforts included an exclusive tour of The One and a personal meeting with Niami set for 5:55pm today.

When overwhelming response came in from qualified investors and the press regarding the tour today, Crestlloyd informed Niami through his attorney that it would not allow the large number of people responding to enter the premises.

In an attempt to salvage the moment and opportunity, Niami offered to restrict the entrants to press representatives from top-tier publications, saying he would meet with the investor group elsewhere. Late last night, Niami’s offer was rejected by Crestlloyd, and his attorney was informed that no one would be allowed onto the premises today.

Last Friday, March 11^th, the bankruptcy court rejected a motion made by attorneys representing the auction buyer to disallow other offers that might emerge prior to the hearing set for March 18.

According to Niami, “The court clearly allowed for additional offers to be considered. By approving my plan to assemble an investor group to submit such an offer, and then thwarting this process by denying access to The One at the 11^th hour, Crestlloyd has unfairly blocked me from the opportunity to make the creditors whole.”

He added: “With the short window allowed for the auction and then the world being thrown into upheaval due to the Ukraine War, it is only prudent to provide an extension during which qualified investors or buyers can still buy The One at a price closer to its actual value. In 2019 when much of the construction had not yet been completed, the house appraised for $228M. Anyone with any common sense can see that the price obtained through auction was grossly insufficient, and every attempt to better it should be exercised.”

For all press inquiries please contact Brooke Cockrell at [e-mail].

About The One

The One is a 105,000 square foot mega-mansion in Bel-Air developed by Nile Niami and designed by Paul McClean. The home boasts 19 bedrooms, 37 bathrooms, a 10,000 bottle wine cellar, nightclub, five pools with water features, 32-person movie theater, cigar room, sky deck, putting green, salon, four lane bowling alley, and more. The yard contains several sculptures including a Simone Cenedese glass sculpture.