In an effort to hold onto his extravagant estate, The One – 105,000-sq ft mega-mansion, Nile Niami wants to create a cryptocurrency that would be backed by the home. The real estate developer wants to name the cryptocurrency “The One Coin”.
And all this is over one of the largest modern homes in America. Niami says that once the tokens are created and traded, the value of the house would be transferred to the coin. The bankrupted billionaire hopes to tokenize “The One” and sell it as a digital currency. He plans to rent the mansion out for weddings and events. The coin holders can cash in a piece of the profits.
Crestlloyd, Niami’s development company, had filed an agreement on December 16 in the US Bankruptcy Court. He wanted to auction off the mansion to the highest bidder. His plans were to pay off debts of $180 million, through the proceeds, to multiple lenders. The auction had been scheduled to run from February 7 to February 10.
However, in a video circulating on YouTube and social media platforms, Niami can be seen saying that the house would no doubt be sold to the highest bidder. But a walk in the stratosphere could most likely put it off. This is one of his dire efforts to stop the estate from going to auction.
Reports speculate that the former film producer is looking for a knight in shining armor to save him. And that savior has to be a crypto billionaire like Tesla CEO Elon Musk to pay off his debts.
Niami, in the video, says that (about himself) he is an underdog and came from nothing. He seems to be feeling sorry for himself. Niami said the world is rooting for him and he has very few haters.