It’s ‘The One’: Bankruptcy court approves $141M sale of LA’s biggest mansion

A bankruptcy judge approved the winning bid for the largest mansion in Los Angeles. This roughly 105,000-square-foot Los Angeles mansion really is the one for Fashion Nova founder and CEO Richard Saghian.

A bankruptcy court judge on Monday approved his $141 million deal for “The One,” a 21-bedroom Bel-Air property — the biggest home in the City of Angels — which not only once aspired to fetch a sky-high $500 million for sale, but also ultimately accumulated more than $250 million in debts over the years.

Bloomberg reports that Deborah Saltzman, the US Bankruptcy Court judge overseeing this case, ruled that the March 3 no-reserve auction sale should move forward, despite certain objections over the final price not being high enough to compensate creditors.

“It doesn’t feel like a good result,” said Saltzman. “It’s a justified result.” The One stands on 4 acres in Bel-Air. The One measures some 105,000 square feet, and that’s enough space to fit this living area. Another lounge area. Saghian, who placed the winning bid , was just one of five bidders to take part in the sale.

“I’m grateful that Judge Saltzman approved my bid,” Saghian told The Post in an emailed statement. He had argued that the court should approve his bid because he followed the process and has enough money in his coffers. “I look forward to collaborating with the City of Los Angeles, the Bel-Air Association, my new neighbors and my design team to complete and perfect this iconic property.”

Saghian’s winning bid in the early March auction, handled by Concierge Auctions , amounted to $126 million, but grew to $141 million when adjusted for the fee. At the time, before the press outed Saghian as the buyer, reports said the winner planned on using the home as an investment.

Developed by Nile Niami over the course of a decade, the mansion certainly comes with certain bragging rights. It stands on 4 acres of land with 360-degree views of downtown Los Angeles, the Pacific Ocean and the San Gabriel Mountains — and it’s aptly packed with over-the-top amenities, such as five pools, a beauty salon and a 30-car garage. Nile Niami developed The One. Instagram/Nile Niami A home office. Douglas Friedman But issues added up. Niami — who didn’t respond to The Post’s request for comment — ran afoul of his lenders, and one prompted to file a foreclosure auction on the property last June. But last October, Niami put The One into Chapter 11 bankruptcy, and that paused the foreclosure auction and gave him the chance to find his own buyer. (In addition to hitting the auction block in March, The One listed for sale on the luxury residential market, asking $295 million.)

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