The decade-long drama surrounding “The One” has officially come to a close. Following bankruptcy filings, a forced auction and a $126 million winning bid, a judge has approved the sale.
According to the L.A. Times, the ruling by Judge Deborah Saltzman followed a two-day court hearing during which creditors opposed the sale because the three-day auction came within a week of Russia’s invasion of Ukraine, scaring off bidders.
The paper previously noted that after 40 showings of the property, five bidders actively participated in the auction.
At one time, pre-bankruptcy, “The One” had an anticipated listing price of $500 million. However, following the news that its owner, developer Nile Niami, defaulted on more than $100 million in loans and debt, initial bankruptcy papers valued the home at $325 million. The value was later dropped to $295 million.
The home spans some 105,000 square feet, boasting 20 bedrooms, seven pools, a 50-car garage and six elevators. Additional amenities reportedly include a large library, cigar room, candy room, a 10,000-bottle wine cellar, nightclub, a four-lane bowling alley, 50-seat movie theater, a putting green, gym, salon, juice bar and tennis court.