Nile Niami aims to turn “The One” into Crypto

Nile Niami aims to turn
Nile Niami and The One at 944 Airole Way in LA (Getty, iStock, photo illustration by Priyanka Modi)

Never one to give up on The One, Nile Niami has yet another plan to try to hang on to his 105,000-square-foot unfinished mansion in Bel-Air.

Niami posted a video earlier this week on YouTube announcing plans to create “The One Coin,” a cryptocurrency backed by the mansion. The value of the home would be transferred to the coin after the cryptocurrency is created and traded.

The plan could help Niami retain ownership of The One, but he’s running out of time. According to the Los Angeles Times, an auction is set to take place for the spec home between Feb. 7 and Feb. 10.

Crestlloyd, a Niami-owned company that officially owns the house, officially agreed on Dec. 16 to auction off the home to the highest bidder, the Times reported. Proceeds from the sale would help pay off the debt Niami had charged on the property, estimated to be around $ 180 million. Debtors include Hankey Capital and Joseph Englanoff.

Earlier this month, Lawrence Perkins, a trustee appointed by the U.S. Bankruptcy Court, revealed plans to hire brokers to bid on the auction. He expected the property to be sold for $ 250 million. Aaron Kirman of Compass and Williams & Williams Estates Group are working on the marketing.

Concierge Auctions has been hired to run the auction in a little over a month. It will receive a 12 percent fee from the highest bidder at the auction.

This is not Niami’s first attempt to save The One, who twice had to go to an auction in court, only to have those plans canceled.

Niami has previously tried to get people to use the property as an event space for concerts and boxing matches. There are threads of that idea in the crypto plan, as Niami would rent The One out for events, and holders of the digital currency would receive a portion of the profits.

In the video, however, Niami seems to be resigned to the fact that The One may soon move on without him.

“This house will be sold to the highest bidder, no doubt about it,” Niami started. “Unless someone comes in and goes into the stratosphere with me.”

[LAT] – Holden Walter-Warner

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