Real estate newsletter: a savage ploy to save LA’s biggest mansion
Welcome to the Real Estate newsletter and happy new year! I am honored to appear in your inbox every Saturday and look forward to continuing my weekly appearances in 2022.
As the real estate market typically slows to a lull over the holidays, two hugely ambitious and hugely controversial developers have kept the news cycle going.
The first was Nile Niami, the beanie-and-sunglasses-wearing spec developer who built America’s largest modern house, called “The One.” He’s worked on the 105,000-square-foot mega-mansion for the past decade, but is on the verge of losing it at auction after losing $ 180 million in debt on the property.
Calling The Times from a moped driving through a jungle in Thailand, he described his latest plan to keep the extravagant house in his hands – and that includes the cryptocurrency and a desperate appeal to Elon Musk (or any other billionaire, to somewhere else).
The second was Mohamed Hadid, the reality TV star who tried to cram a 30,000 square foot mansion on 1.22 acres in Bel-Air. Neighbors didn’t have it, and a Los Angeles court ordered the mansion to be demolished. This infamous house was auctioned off for $ 5 million, and destruction is now about to begin for the horror that the residents of Bel-Air did not so affectionately call “the Starship Company.”
In the small town of Bradbury, In-N-Out owner and heiress Lynsi Snyder has sold her 19,000 square foot mansion for $ 16.25 million. Bought with hamburger money from a former Dodgers star, the lavish estate features a two-hole golf course with a sandbox.
The downtown Los Angeles Arts District received good news, as Spotify unveiled Pod City: a campus with 18 podcast studios, a theater, an indoor stage, and places for musicians to DIY vintage instruments. . The hub will allow the streaming service to attract new talent and produce more original shows.
We also received a new episode of âGimme Shelter,â the stellar housing crisis podcast from Liam Dillon and Manuela TobÃas. This week, they spoke to a first-time millennial homebuyer about how he can afford a home.
While keeping up to date with the latest news, visit and like our Facebook page, where you can find real estate stories and updates throughout the week.
A last scheme to save “The One”
Nile Niami needs someone to walk the stratosphere with him.
This is the developer’s final plea in a video posted Monday night as he tries to stop the impending auction of “The One”, the 105,000 square foot mega-mansion he has spent the past decade. create.
On December 16, Miami-based development firm Crestlloyd filed an agreement in U.S. bankruptcy court to auction off the extravagant estate to the highest bidder, with the proceeds going to repay $ 180 million in debts accumulated by Niami on the property. to several lenders over the years. The auction would run from February 7-10.
This is the latest chapter in an increasingly dramatic feud over America’s largest modern house, which has seen Niami hatch savage schemes in an attempt to stop its lenders from selling the place to recoup their losses.
Hadid’s doomed mega-mansion is auctioned off
After half a decade of criminal charges and court battles, developer Mohamed Hadid’s half-finished mega-mansion has been auctioned off for $ 5 million. Then it will be destroyed.
Hadid, a reality TV regular and father of models Bella and Gigi, bought the property in 2011 and quickly got to work cramming a 30,000 square foot home on the 1.22 acre lot, which was both taller and taller than city rules allowed. At the time, he said the house would last forever.
Bel-Air’s neighbors feared the code-breaking estate would slide down the hill and crush homes below and took him to court, where an LA County judge said the towering structure was a “danger to the public” and ordered its demolition.
After an unsuccessful attempt to stop the destruction by declaring bankruptcy, the Hadid-related company was ultimately forced to market it for $ 8.5 million. Without a taker, the price was eventually lowered to $ 5.5 million before being auctioned for $ 5 million by Premiere Estates Auction Co.
Burger’s heiress makes a small fortune
The town of Bradbury just had its most expensive sale in years when Lynsi Snyder, owner and heir to the In-N-Out Burger chain, sold her Mediterranean mansion for $ 16.25 million.
That’s a loss for Snyder, who bought the nearly 19,000 square foot home from former Dodgers star AdriÃ¡n BeltrÃ© for $ 17.21 million in 2012. She first put it on the market for $ 19.8 million in 2017 before dropping the price to $ 16.8 million. this year, the records show it.
The lavish estate spans over 4 acres in Bradbury Estates, a supervised community a few miles from Baldwin Park, where Snyder’s grandparents founded the first In-N-Out in 1948.
Spotify Brings a Hub to Downtown LA
When executive Courtney Holt joined Spotify four years ago, the music streaming giant had already passed her Sunset Boulevard office and the teams were scattered across Los Angeles County, writes Wendy Lee.
The employee sprawl continued as the Swedish company expanded into the podcasting business, acquiring Los Angeles production companies Ringer and Parcast. The need to establish a central space where everyone can collaborate has become even more essential.
Step into Pod City, the centerpiece of Spotify’s sprawling new campus in the Arts District in downtown Los Angeles.
The campus – which can accommodate up to 600 employees – features 18 podcast studios, a theater, an indoor stage, and places for musicians to DIY period instruments, including a piano once used by the songwriter. -interprets Norah Jones.
Podcast delves into buying a thousand-year-old home
Few places in the country are more expensive to buy a home than California, but even here the recent increases in home values ââhave been astonishing, writes Liam Dillon.
The median selling price of a single-family home in the state has increased 12% over the past year, bringing it to $ 798,440, according to the California Assn. real estate agents. Home buyers, especially first-time buyers, have to fork over more and more of their income and savings to enter the market.
In the latest episode of “Gimme Shelter: The California Housing Crisis Podcast,” Dillon, a reporter for the Los Angeles Times, and Manuela Tobias of CalMatters chat with a first-time buyer of a millennial home about how he was able to afford a House.
That guest is Matt Levin, former co-host of Gimme Shelter, who is now a reporter for public radio Marketplace. Levin bought his home in Sacramento earlier in 2021, and the podcast explores how the COVID-19 pandemic has changed what buyers expect from a home.
What we read
Jeff Bezos is the second richest person in the world, so naturally his real estate portfolio is among the best. Architectural Digest has compiled a list of homes he has purchased over the years, including a Seattle estate he bought in 1998 and a Hawaiian resort he bought for $ 78 million in 2021.
New year, same trends. US home prices jumped 18.4% in October, with all 20 cities in the data set posting double-digit year-over-year gains. AP has the details.