“The One” – an extravagant luxury mansion – has been placed into receivership in order to pay off a startling amount of debt. The concept house was owned by developer Nile Niami, whose dream of constructing “The One,” a massive spec mansion on a five-acre Bel-Air parcel, has been buried beneath $165 million in defaulted loans and debts. The property will be sold to the highest bidder for a price that will almost certainly be significantly less than Niami’s 2017 fantasy ask of $500 million.

Twenty bedrooms, a running track, four bowling alleys, a nightclub, and two wine cellars comprise the ‘world’s most costly residence’.

British YouTube celebrity Producer Michael was granted access to the property in order to give the public its first glimpse of what is often regarded as one of the most, if not the most expensive private residence in the world.

Fast Facts About “The One” – Bel Air Mega Mansion

The Paul McClean-designed mega-mansion (which includes 42 bathrooms, 21 bedrooms, a 5,500-square-foot master suite, 5 pools, a 30-car garage with two car-display turntables, a moat, a 400-foot jogging track, and 360-degree views of Los Angeles) has been placed into receivership by Los Angeles County Superior Court and will be put on the market at a deep discount as soon as its court-appointed caretaker, Ted Lanes of Lansing takes receivership.

Even Niami admitted that building a home with 5 luxury pools (one of them an indoor pool) was probably overkill. In an interview with Curbed, he said “All those pools are probably not going to get very much use at all. “I think whoever is buying this house is going to have 10 other houses. Nobody buys a 100,000-square-foot house as their principal residence to use every day.”

Among the lenders demanding repayment regardless of how lavish Niami’s personal Xanadu was is Los Angeles billionaire Don Hankey of Hankey Capital, which loaned Niami over $115 million and slapped him with a default notice in March. Yogi Securities Holdings, which contributed over $36 million to “The One”, as well as Inferno Realty and Maybach Corporation Holdings, which each contributed $7 million. According to CNBC, the project is also approximately $1 million in debt to companies involved in air conditioning, concrete, and tool manufacturing.

Lanes is not taking ownership of the property — which, for the record, is only the third largest in the United States. Oheka Castle in New York (109,000 square feet) holds the top spot and then Winterthur in Delaware (96,000 square feet). He has no interest whatsoever in taking on the onerous debt associated with the property. Rather than that, Lanes must now obtain the appropriate construction permit to complete construction and obtain a certificate of occupancy, after which he will sell the property to repay creditors and contractors.

The construction costs for the home accumulated over time. Niami gave GQ his first public interview on the property six years ago in 2015, admitting he intended to put the home on the market for $500 million once the estate was completed.

Like many other stately homes, “The One” has likely enough amenities such as a library, a 30-seat home theater, a four-lane bowling alley, a gym, a spa, and a chef’s kitchen — all of which are the hallmarks of custom luxury homes. However, buyers are rarely exposed to such elaborate — and quirky — amenities as a butterfly installation, a beauty salon, a cigar room, a 10,000-bottle wine cellar, a 200-person capacity philanthropy wing, and “floating pods” overlooking the city. Niami did show some constraint in nixing plans for a candy room, a frozen room, and the jellyfish tank walls he was planning.

The exterior of the mansion is spectacularly lavish, with a 50-car garage and a 10,000-square-foot sky deck with a putting green with 360-degree views of the Pacific Ocean, Los Angeles, and the San Gabriel mountains. According to Architectural Digest, the mansion is ringed on three sides by a moat and features a 400-foot-long jogging track that appears to float above Los Angeles.

Niami purchased three ranches in 2012 for $28 million from “Space Invaders” heiress Rita Kogan and rolled them into a singular larger estate that is “The One”. According to Architectural Digest, it took 600 employees eight years to construct this enormous custom luxury home.

It is unknown at this time how much “The One” will finally sell for or when it will come to market. Although the house was not yet on the market earlier this year, it has already been featured by various social media personalities. Take a guided tour inside this incredible home. It has to be seen to be believed.

One of the best things about using time lapse video photography is the way it quickly takes you through the entire life cycle of a project within minutes. The technique has become particularly popular with pool designers who are leveraging the technology to score huge wins on social media.

Mike Farley, CPB, ASLA of Farley Pool Designs in the Dallas / Ft. Worth area has used his prowess of creating compelling videos to help him grow his social media audience and consequently, his business.

Farley is the co-founder of the Million Dollar Pool Challenge along with Reid Schindler and publisher of over 100 articles for Watershapes. Often one of the most popular design instructors at International and Regional Pool shows, Farley has gotten his video production game down to a science.

This particular time lapse is the perfect run time of about 12 minutes, but the immense satisfaction one gets at seeing this beautiful vessel come to life is a payoff that’s totally worth watching from beginning to end.

Claffey Pools are the builders behind this backyard gem with Brad Land (Allscapes, Inc.) and LaWanna Wood (LaWanna Wood Designs) contributing on the project as well.

Pool Features:

Large swimming pool, splash pad, Porcelain Decks, long 45′ Dolphin slide, two outdoor cabanas with moving glass wall systems – one with an outdoor kitchen and one for entertainment.

As far as pool build videos go, this one is definitely up there with some of the others I’ve watched that magnetically grab your attention during the wee hours of the morning.

I for one am used to stumbling upon the occasional video while scrolling through my timeline and getting sucked into the process. It’s definitely enjoyable watching how these pools are built but few folks build them quite like Claffey Pools. Don’t take my word though, check out the video and watch them do what they do best.

Learn More About This Project

Pool Chasers did a fantastic segment with Mike Farley about the construction of this particular build that you should definitely check out as well.

Unquestionably aspiring pool owners often get intimidated by the massive costs involved in pool construction. On average, the cost to build an inground pool has gone up roughly 30% over the last two years. Most prices around the country start at anywhere from $36,750 to $66,500. Of course, these costs vary depending on various factors. Some of these factors include the size and design of the pool. The cost of luxury pools can start at well over $100,000. So before you build an inground pool, it is best that you take time to analyze all the construction costs involved.

Factors affecting inground pool costs

As mentioned earlier, the price of a pool varies based on different factors. Some of them include:

Size, type, and design

Generally, the bigger the pool, the higher the costs. Remember, a larger pool requires more materials, labor and equipment. So, you are likely to pay more for a bigger pool. Additionally, pools with complex shapes tend to be more expensive compared to pools with simpler designs. The pool type also influences the total pool construction costs. Concrete pools are the most expensive, while vinyl pools are the cheapest. 

Location

The location of your pool usually determines the total construction costs. Building an inground pool in warmer regions is more costly compared to building a pool in winter areas. Also, it is more costly to build a pool in urban areas.

Labor and Permits

Different pool contractors charge differently when it comes to pool construction. So, always compare quotes before hiring a particular contractor. The cost of obtaining pool construction permits also varies based on your state. Nevertheless, the labor prices of building a pool range from $5,000 to $30,000.

A breakdown of pool construction costs

Excavation:

The cost of digging the pool area often ranges from around $400 to $1,500. Needless to say, this cost varies based on the complexity of the landscape.

Landscaping

Once the excavation is complete, proceed with landscaping. Expect to spend approximately $5,000 to $10,000 for a decent landscaping job.

Materials

The materials used in pool construction significantly affect the total pool construction costs. Usually, concrete and porcelain tiles are the most expensive materials you can use. However, expect to spend between $30,000 to $70,000 on pool materials.

Filtration

Today, there are various pool filtration systems available. The one you choose often depends on your requirements. Pool professionals report that filtration systems cost approximately $700 to $4,000.

Heating systems

If you live in colder areas, you need to install a pool heater. A pool heater can cost up to $10,000. But on average, expect to spend $1,800 to $4,000 for a pool heater installation.

Additional features

You can use a broad spectrum of features to boost the pool’s aesthetics, functionality, and safety. When purchasing a pool cover, you may end up spending $600 to $2,200. Moreover, extra water features also increase pool construction costs by approximately 10% to 20%.

Types of Pools and their costs

At present, there are three major types of inground pools; concrete, vinyl and fiberglass. Each pool type varies in price.

Concrete pools

Building an inground concrete pool costs approximately $35,000 to $65,000. Concrete pools are the most expensive pool type. In fact, some concrete pools cost up to $100,000. It all depends on the water features and equipment you install in the pool. Nevertheless, it is essential to note that concrete pools offer the highest longevity.

Fiberglass pools

Fiberglass pools are averagely priced. They cost approximately $20,000 to $60,000. Fiberglass pools incorporate the least maintenance costs. Thus, they offer value for money. The size and design of the fiberglass pool contribute to the price variation.

Vinyl pools

Vinyl pools are the cheapest inground pools. Expect to spend roughly $20,000 to $50,000 when constructing an inground vinyl pool. However, you have to replace the liner after every 4 to 7 years.

How to save money when building an inground pool

The cost to build an inground pool is often high. Luckily, there are various ways you can use to save money during pool construction. They include:

Consider aboveground pools

 If you have a limited budget, install an aboveground pool. Aboveground pools are way cheaper compared to inground pools.

Postpone water feature installation

Generally, water features can increase pool construction costs by 20%. Therefore, if you have a tight budget, consider installing water features in the future.

Compare quotes

Before settling for a particular pool contractor, it would be best to compare quotes. Evaluating different costs offered by different contractors helps you find the most affordable option.

Consider a smaller pool

Smaller pools also serve as excellent sources of aesthetics and functionality. So, consider building a small inground pool if you have a limited budget.

Ultimately

The cost to build an inground pool varies based on various factors. But averagely, building an inground pool costs approximately $20,000 to $65,000. If you plan to build an inground pool, always take time to analyze all the costs involved. This way, you’ll be able to cut down the costs.