Nile Niami has sold off one of his own homes in the Hollywood Hills, as the once high-flying spec developer now faces a lawsuit and recently threw a West Hollywood mansion into bankruptcy.
Niami unloaded the Hollywood Hills home for $9.58 million, which he bought five years ago from talent manager Scooter Braun, according to the Los Angeles Times.
Niami paid $9.5 million for the 6,000-square-foot mansion, but renovated it, so the sale likely figures out for a loss, according to the Times. He first relisted the property in 2017, asking $19.9 million. The home has three bedrooms total and six bathrooms. The lower level has a movie theater, billiards room, wine cellar, and a bar. The property totals about a quarter of an acre, with a large back patio area centered around the pool.
Earlier this week, news broke that Niami filed for bankruptcy protection for a 14,000-square-foot West Hollywood spec mansion he listed last year. A Niami spokesperson said a creditor “misrepresented facts,” which led to the filing. An investor filed a notice of default on the property in April.
Last month, one of Niami’s most well-known spec projects sold to an investor out of the San Gabriel Valley, but that was after Niami lender Joseph Englanoff took control of the property.
Niami is also dealing with a lawsuit from Compass Concierge over a 2019 loan on a Bel Air mansion.
Niami’s most ambitious spec project yet could hit the market soon. Construction is wrapping on the 100,000-square-foot “The One” property in Bel Air and agents are reportedly picked for listing.
[LAT] — Dennis Lynch