Welcome back to the Real Estate newsletter. There a huge property smackdown happening in Bel-Air.
The players: Nile Niami, the slick Hollywood real estate developer whose mega-mansions keep getting bigger and bigger, and Don Hankey, the hard-nosed money lender who helped Niami bankroll his latest project.
The prize: A 105,000-square-foot house called “The One” that is, without hyperbole, unrivaled in size and splendor — even in one of the country’s most affluent regions for luxury real estate.
Once rumored to list for $500 million, the long-awaited residence is finally coming to market for $225 million. But its future is far from concrete, and Times reporter Laurence Darmiento documents it all in his latest piece.
In “less than $225 million” news, Joe Jonas and Sophie Turner set the highest price of the year, for Encino anyway, when they sold their modern mansion for $15.2 million. It’s also the second-priciest sale the San Fernando Valley…