Fashion executive Richard Saghian won court approval of his $138 million purchase of Los Angeles mega-mansion “The One” out of bankruptcy, triggering an immediate appeal by the property’s developer.
Nile Niami, the property developer and a creditor of the mansion’s bankrupt owner Crestlloyd LLC, is appealing the U.S. District Court for the Central District of California’s Monday approval, deeming the sale of the 21-room mansion a “miserable failure.”
The price was for less than the amount of secured debt against the mansion, according to court filings by Niami, Crestlloyd and others.
But Niami would have to get a court to ...