The auction of The One mega-mansion was held soon after Russia's invasion of Ukraine, and those disappointed in the winning bid want a do-over.
The idea was simple: Nile Niami would build and sell The One, the biggest and most extravagant new home in the country. Then things went sideways.
Those who want to kill the bid also pointed out that Crestlloyd had argued in court papers the 944 Airole Way property was worth $325 million. They also highlighted an appraisal conducted in 2019 while the house was under construction that valued the property at $228 million, evidence they said that the high bid was grossly inadequate. Supporters countered that the appraisal was bloated to boost the home’s cachet.
An obstacle to getting a certificate of occupancy is the stance of the Bel-Air Assn., a homeowners group that sent a letter to Crestlloyd and building officials vowing to investigate alleged construction defects at the mansion and possible zoning violations that came to light when the property was in state receivership last year.
“As they started to peel back the layer, you know, of the onion, and start to understand the complexity and uncertainty in terms of a path to a C of O, it became a greater and greater head wind,” Roffers said. “I was on the phone with a potential bidder the day of the auction in London who was interested, however, ultimately were totally freaked out by the lack of C of O and then the publicity around the Hadid property.
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