Business
L.A.’s most extravagant mansion sells for less than half its list price
![L.A.’s most extravagant mansion sells for less than half its list price L.A.’s most extravagant mansion sells for less than half its list price](https://newspub.live/wp-content/uploads/2022/03/la-photos-1staff-837091-la-fi-the-one-niami-hankey-30-ajs.jpg)
The mega-mansion often known as “The One” offered Thursday for $126 million at a chapter public sale. That’s an enormous low cost from its $295-million itemizing value, even with a 12% public sale price bringing the full to about $141 million.
The Bel-Air property set a report for the most costly home offered at public sale, however it fell properly in need of the California gross sales report set by enterprise capitalist Marc Andreessen, who bought a Malibu property for $177 million in October. Probably the most ever spent on a U.S. residence was $238 million by hedge fund mogul Ken Griffin for a New York Metropolis penthouse in 2019. A number of worldwide gross sales have surpassed $300 million.
The customer can be disclosed by March 8, when paperwork should be submitted to U.S. Chapter Courtroom Decide Deborah Saltzman, who will maintain a listening to later this month on whether or not to approve the sale. It’s doable that the successful bidder can be a restricted legal responsibility firm, a authorized entity typically utilized by the rich to cover their actual property purchases.
Greater than three dozen potential consumers toured the 944 Airole Means property over the past couple of months, together with billionaires from the Center East, Asia and California, The One’s itemizing brokers have stated.
Concierge Auctions, which dealt with the sale, stated its public sale website drew views from 170 international locations, together with Australia, the UK, Germany, France and Italy — and generated some 2,800 prospects.
Nonetheless, after the web public sale opened Monday, solely 5 bidders from the US and New Zealand participated. A lot of the motion occurred in the previous few minutes.
Bidding begins Monday on The One, which occupies a Bel-Air hilltop.
(Allen J. Schaben / Los Angeles Occasions)
Agent Brent Chang of Compass stated the outcomes had been a cautionary story and would possibly immediate builders to suppose smaller, on condition that a number of big mansions have gone out of business in the previous few years. He additionally puzzled if the timing was off given Russia’s invasion of Ukraine.
“The customer pool for that is very small, and with all the pieces occurring in Russia, impulsively these Russian billionaires who might have been your finest wager to purchase it are pulling out,” he stated.
The quantity of debt hooked up to the property initially totaled about $180 million however has since grown to $256 million as extra collectors have made claims, in accordance with a March 2 court docket submitting. Which means many collectors will take losses — regardless that a lot of the public sale home’s 12% price can be returned to the bankrupt property, which isn’t a typical association.
The biggest single creditor is Los Angeles billionaire Don Hankey, who lent $106 million to the dream undertaking of developer Nile Niami. The lender is owed greater than $130 million in secured debt, together with cash he supplied in chapter to restore and spiff up the property on the market.
Hankey, who beforehand stated he would possibly bid for the property if it was severely underpriced on the public sale, stated he didn’t make a suggestion. He stated the sale ought to enable him to get well the money he put into the undertaking, however added that he was shocked at how low the ultimate value was.
“The man who purchased it simply received an incredible deal. He’s received folks prepared to pay $50,000 a day simply to do commercials and movies,” Hankey stated.
The hilltop house, stated to be 105,000 sq. toes, was marketed for $500 million a number of years in the past whereas below development however didn’t discover a purchaser. It was positioned out of business in October after Hankey foreclosed on the $106 million in debt defaulted on by Crestlloyd, the restricted legal responsibility firm established by Niami that legally owns the undertaking.
Turnaround specialist Lawrence Perkins, who was put in command of Crestlloyd when the house was positioned out of business, stated the “market spoke” on the public sale. Nonetheless, he additionally stated it was his duty to proceed fielding late affords that may high the public sale value.
“I’ve received an obligation if somebody is available in, and there’s a greater supply. We’re not soliciting them however it’s not closed till it’s closed,” he stated. “Some folks don’t wish to take part in auctions.”
Dealer Stephen Shapiro, the founding associate of Westside Property Company, stated the low value mirrored the “out-of-control ego” of Niami, who constructed an enormous home that wasn’t actually a house.
“Most builders construct a home that individuals can stay in,” he stated. “He constructed one considering there was going to be demand for this outrageous over-the-top home.”
Niami has been making an attempt to regain management of the property. In December, he proposed making a cryptocurrency referred to as The One Coin that might be backed by the mansion and repay all the house’s money owed.
Previous to the public sale, a Niami spokesperson stated the developer wouldn’t be commenting on the public sale. He couldn’t be reached for quick remark Thursday.
The One is simply the newest L.A. trophy house to finish up in chapter after a blitz of pricey growth within the area’s glitzy hillside and coastal communities.
Concierge Auctions final 12 months set an public sale report when it offered a Beverly Park house for $51 million — however that was nonetheless greater than $100 million off its authentic asking value. Concierge stated The One was the biggest house ever offered at public sale.
How a lot The One would go for had been one thing of a parlor recreation within the luxurious actual property group, with some considering it’s the final trophy house and others declaring it a white elephant.
The property features a 4,000-square-foot guesthouse, a sky deck with cabanas, a personal theater, a full-service spa, a nightclub and even an out of doors operating observe and moat. It has 21 bedrooms and 42 full bogs.
Facilities embody a bowling alley, nightclub and loads of room for swimming.
(Allen J. Schaben / Los Angeles Occasions)
Nonetheless, the mansion might find yourself being a undertaking for the client.
The home isn’t 100% full and lacks a certificates of occupancy, pending a sign-off from metropolis inspectors on essential permits for grading, electrical and different work. Additionally, it might have development defects and zoning code violations, in accordance with allegations in court docket paperwork.
The mansion was described on the Concierge web site because the “largest within the city world,” however by many accounts, a 27-story house stated to be 400,000 sq. toes owned by a billionaire in Mumbai, India, is taken into account the world’s largest, exterior of royal palaces. Nonetheless, it could be the biggest within the nation.
Underneath the phrases of the public sale settlement, the successful bidder is below authorized obligation to shut the sale by the top of the month or lose a $250,000 deposit.
In making her dedication whether or not to approve the deal, the decide will contemplate whether or not she believes the excessive bidder has the monetary wherewithal to shut the sale, its influence on collectors and different points.
Different huge collectors embody Inferno Funding, an organization run by Julien Remillard, a longtime Canadian investor of Niami’s. Inferno says it’s owed $24 million. Yogi Securities, the funding automobile of Joseph Englanoff, an L.A. physician and one other longtime Niami investor, says it’s owed $14 million.
Compass agent Bret Parsons stated that he thought the value extra mirrored the worth of the hilltop property, with its commanding views throughout town, than the home itself.
“It’s unlucky that Mom Nature’s priceless assets might be plundered for ridiculous trophies,” he stated.
The mega-mansion comes with a four-lane bowling alley.
(Allen J. Schaben / Los Angeles Occasions)
— Occasions workers author Jack Flemming contributed to this report.
![](https://newspub.live/wp-content/uploads/2022/03/np-logo.png)
Business
Starbucks Reverses Its Open-Door Policy for Bathroom Use and Lounging
![Starbucks Reverses Its Open-Door Policy for Bathroom Use and Lounging Starbucks Reverses Its Open-Door Policy for Bathroom Use and Lounging](https://static01.nyt.com/images/2025/01/14/multimedia/14xp-starbucks-cgbh/14xp-starbucks-cgbh-facebookJumbo.jpg)
Starbucks will require people visiting its coffee shops to buy something in order to stay or to use its bathrooms, the company announced in a letter sent to store managers on Monday.
The new policy, outlined in a Code of Conduct, will be enacted later this month and applies to the company’s cafes, patios and bathrooms.
“Implementing a Coffeehouse Code of Conduct is something most retailers already have and is a practical step that helps us prioritize our paying customers who want to sit and enjoy our cafes or need to use the restroom during their visit,” Jaci Anderson, a Starbucks spokeswoman, said in an emailed statement.
Ms. Anderson said that by outlining expectations for customers the company “can create a better environment for everyone.”
The Code of Conduct will be displayed in every store and prohibit behaviors including discrimination, harassment, smoking and panhandling.
People who violate the rules will be asked to leave the store, and employees may call law enforcement, the policy says.
Before implementation of the new policy begins on Jan. 27, store managers will be given 40 hours to prepare stores and workers, according to the company. There will also be training sessions for staff.
This training time will be used to prepare for other new practices, too, including asking customers if they want their drink to stay or to go and offering unlimited free refills of hot or iced coffee to customers who order a drink to stay.
The changes are part of an attempt by the company to prioritize customers and make the stores more inviting, Sara Trilling, the president of Starbucks North America, said in a letter to store managers.
“We know from customers that access to comfortable seating and a clean, safe environment is critical to the Starbucks experience they love,” she wrote. “We’ve also heard from you, our partners, that there is a need to reset expectations for how our spaces should be used, and who uses them.”
The changes come as the company responds to declining sales, falling stock prices and grumbling from activist investors. In August, the company appointed a new chief executive, Brian Niccol.
Mr. Niccol outlined changes the company needed to make in a video in October. “We will simplify our overly complex menu, fix our pricing architecture and ensure that every customer feels Starbucks is worth it every single time they visit,” he said.
The new purchase requirement reverses a policy Starbucks instituted in 2018 that said people could use its cafes and bathrooms even if they had not bought something.
The earlier policy was introduced a month after two Black men were arrested in a Philadelphia Starbucks while waiting to meet another man for a business meeting.
Officials said that the men had asked to use the bathroom, but that an employee had refused the request because they had not purchased anything. An employee then called the police, and part of the ensuing encounter was recorded on video and viewed by millions of people online, prompting boycotts and protests.
In 2022, Howard Schultz, the Starbucks chief executive at the time, said that the company was reconsidering the open-bathroom policy.
Business
'TikTok refugees' unexpectedly turn to Chinese alternative as ban looms
TAIPEI, Taiwan — TikTok users concerned about a looming ban are finding solace in a strange place.
Days ahead of a Supreme Court decision that could determine whether the popular short-video app shuts down starting Sunday, a number of users appear to be turning to an app called RedNote — more commonly known to its majority-Chinese audience by its Chinese name, Xiaohongshu.
It’s a surprising choice since Xiaohongshu is Chinese-owned, and such ties are the reason U.S. lawmakers moved to ban TikTok in the U.S., citing privacy and national security concerns.
Also Xiaohongshu is dominated by Chinese language, and its content is subject to censorship by Chinese government officials, something alien to most U.S. users.
But by embracing a Chinese social media and lifestyle app similar to Instagram, some U.S. TikTok users say they are protesting what they believe is the unfair ban of the ubiquitous app.
“I think America is trying to bully China into selling to an American owner. A lot of us just don’t want to give in to them,” said Samantha Manassero, a 39-year-old nurse in L.A. who downloaded Xiaohongshu on Sunday night after watching content creators on TikTok pitch it as a comparable app. “I think some of it is literally just pettiness.”
Last year, Congress passed a bill that requires TikTok’s owner, Bytedance, to sell the app to a U.S.-approved owner or face a nationwide ban. As soon as Wednesday, the Supreme Court is expected to uphold the legality of the ban.
It was unclear whether Xiaohongshu, which was started in 2013, would become a viable alternative to TikTok or if the recent migration to the Chinese platform accounts for a significant share of TikTok’s 170 million U.S. users.
But a surge in new users made Xiaohongshu the top free download on Apple’s App Store this week. No. 2 on the charts was another social media app developed by Bytedance, Lemon8. It’s unclear whether either app will be subjected to the same U.S. government scrutiny as TikTok.
It is also difficult to determine exactly how many U.S. TikTok users have created accounts on Xiaohongshu or how many will stay on it. While many Xiaohongshu regulars have welcomed the influx of Americans identifying themselves as “TikTok refugees,” the app’s interface is largely in Chinese, making it difficult to navigate for non-native speakers.
Chinese apps are subject to stringent censorship on discussions that the Chinese government deems politically sensitive. These topics can range from illegal activities to LGBTQ+ rights to Winnie the Pooh, images of which have been used to mock Chinese President Xi Jinping.
The Chinese version of TikTok, called Douyin, has different content restrictions and is only available for mobile download in China. Bytedance has argued that TikTok, which is used by the rest of the world, is a separate entity from Douyin and not beholden to the Chinese Communist Party.
That did not stop President-elect Donald Trump from proposing a ban of TikTok in 2020, or President Biden from signing it into law in 2024.
The legality of such a ban has been questioned several times. Last month, in an about-face, Trump, who has 14.8 million followers on TikTok, filed a legal brief requesting to stay the ban so he can negotiate a deal once he takes office.
As TikTok faces an uncertain future, Xiaohongshu’s latest arrivals were eager to try out the new app despite its foreign nature.
Manassero, who posts videos about healthcare and power lifting to about 7,000 followers on TikTok, said she already has a much larger audience of 26,000 on Instagram. However, she was motivated to create an account on Xiaohongshu partly out of frustration at the U.S. government’s determination to outlaw TikTok.
“I don’t know what I’m doing, I don’t know what I’m reading, I’m just pressing buttons,” Manassero said in her first video post. The next morning, her account had received 5,000 views and 3,500 new followers. By Tuesday, the hashtag “Tiktok refugee” had received more than 90 million views and 2 million comments.
TikTokers sought each other out with introductions, follow requests and shared tips on how to navigate the app’s Chinese functions. On Monday, more than 190,000 viewers joined a live chat named “TikTok Refugees Club,” and held discussions in English about what a TikTok ban would mean and future plans for social media content. In the comments, users greeted new arrivals and lamented they could not understand each other.
“Maybe you can learn how to speak Chinese,” one user wrote in English.
“Where’s the translator?” another viewer asked in Chinese.
On Tuesday, the Wall Street Journal reported that Chinese officials had discussed the possibility of selling TikTok to a trusted non-Chinese party such as Elon Musk, who already owns social media platform X. However, analysts said that Bytedance is unlikely to agree to a sale of the underlying algorithm that powers the app, meaning the platform under a new owner could still look drastically different.
Manassero and other TikTokers expressed distaste at the prospect of migrating to U.S. tech platforms such as Instagram or X that could benefit from an influx of users if TikTok shuts down.
“We don’t want to turn around and make a bunch of billionaires even more rich,” she said. “I would honestly rather the app get shut down than be owned by Elon Musk.”
Though she is still trying to figure out how to use Xiaohongshu and message people back, Manassero said she would likely stay on the Chinese lifestyle app regardless of whether the TikTok ban goes through.
“The response has been so friendly and nice. It’s good energy,” she said. “This feels like the early TikTok days: a little more organic, so it’s fun.”
Business
Why TikTok Users Are Downloading ‘Red Note,’ the Chinese App
![Why TikTok Users Are Downloading ‘Red Note,’ the Chinese App Why TikTok Users Are Downloading ‘Red Note,’ the Chinese App](https://static01.nyt.com/images/2025/01/14/14vid-china-app-29987-cover/14vid-china-app-29987-cover-facebookJumbo.jpg)
Manimatana Lee spent the past five years building one of the hottest commodities on the internet: a group of people who reliably watch her videos on TikTok.
She built an audience of nearly 10,000 followers with videos of herself vacuuming her house in Wisconsin while her youngest daughter napped in a carrier on her back. A video of Ms. Lee dancing and doing the dishes — while wearing her sleeping baby — has been watched more than one million times since November.
Now, with the Supreme Court soon to rule in a case that could determine whether TikTok could be banned in the United States over national security concerns, Ms. Lee and other Americans looking for alternatives are downloading Xiaohongshu, a social media app that is popular in China and little known outside the country.
“How funny would it be if they ban TikTok and we all just move over to this Chinese app,” Ms. Lee wrote on Monday on TikTok encouraging her followers to join her.
Xiaohongshu was the most downloaded free app in the U.S. Apple store on Tuesday. Over 300 million people, mostly in China, use the app, where they share short videos as well as still, text-based posts. People flocking to it said, in interviews and on the app, that they wanted to show they do not share Washington’s concerns about TikTok’s ties to China.
TikTok, which is available in more than 150 countries but not China, is owned by the Chinese internet company ByteDance. American creators who post videos on TikTok say the app has been a source of connection, entertainment and information since it became a sensation during the Covid-19 pandemic. Its secret sauce is its proprietary algorithm, technology that recommends a constant stream of short videos targeted to keep people scrolling.
But lawmakers in the United States and other countries have warned that the Chinese government could use TikTok to access data about its users such as location and browsing histories. Officials in Washington say they are also concerned that China could use TikTok to spread false information among the 170 million people who use it in the United States.
Xiaohongshu means “little red book” in Mandarin. Americans new to the app said they were not put off by the reference to a book of Mao Zedong’s sayings. Many call the app “Red Note.”
“I don’t really care if I’m using a Chinese app at all,” said Ms. Lee. “It’s like a place for me to escape reality. And if it’s making me feel good, I’m here for it.”
A group of American creators have sued the government over the law that could see the TikTok app forcibly sold or banned in the United States, and TikTok is paying their legal fees. Ms. Lee and another creator said in interviews that their interest in Xiaohongshu had not been incentivized by either company. TikTok did not respond to a request for comment.
The Americans on Xiaohongshu have rallied under the hashtag “TikTokrefugee,” which had been viewed 100 million times and sparked around 2.5 million discussion threads on the app by Tuesday.
Joining the app has put American users in closer contact with people online in China than they have ever been on TikTok. In China, people use Douyin, a very similar app that ByteDance used to develop the technology that made TikTok a worldwide hit. Douyin is difficult to access outside China.
Many shared tips on how to navigate the app, which is mainly made for and used by people who read and speak Mandarin. Some took screenshots and asked ChatGPT to translate posts, they said.
Xiaohongshu displays the city or province of Chinese users who post and comment, and the country for users outside China. “We are coming to the Chinese spies and begging them to let us stay here,” said one American user. “Approved, welcome to Red Note,” someone in Shanghai replied.
Until late December, 85 percent of Xiaohongshu traffic was from China, according to Similarweb, a data provider and website traffic tracker. The app is especially popular among women in their 20s and 30s, and its long comment threads have become a popular source of information for people to swap questions about everyday concerns, similar to Reddit.
Xiaohongshu did not respond to requests for comment.
On Tuesday, more than 100,000 people had joined a live group chat hosted by a user named “TikTok Refugee Club,” where people from around the world chatted with Chinese users about urban safety. In another group chat, which had been viewed more than 30,000 times, participants discussed censorship and shared tips in the comments on how to avoid being banned from the platform for bringing up politically sensitive topics.
Under another video posted by someone who said they were usually on TikTok, a user in China responded with a meme of a cat with paws outstretched. “I’m your Chinese spy,” the comment said, “give me all your data.”
-
Health1 week ago
Ozempic ‘microdosing’ is the new weight-loss trend: Should you try it?
-
Technology6 days ago
Meta is highlighting a splintering global approach to online speech
-
Science3 days ago
Metro will offer free rides in L.A. through Sunday due to fires
-
Technology7 days ago
Las Vegas police release ChatGPT logs from the suspect in the Cybertruck explosion
-
Movie Reviews1 week ago
‘How to Make Millions Before Grandma Dies’ Review: Thai Oscar Entry Is a Disarmingly Sentimental Tear-Jerker
-
Health1 week ago
Michael J. Fox honored with Presidential Medal of Freedom for Parkinson’s research efforts
-
Movie Reviews1 week ago
Movie Review: Millennials try to buy-in or opt-out of the “American Meltdown”
-
News7 days ago
Photos: Pacific Palisades Wildfire Engulfs Homes in an L.A. Neighborhood