Heavily ambitious $ 500 million mansion is now foreclosed


In 2020, America’s most expensive mansion – dubbed The One – was gearing up to hit the market with a few jazzy snapshots and a ridiculously high promo video up its sleeve. The only problem? No sane human being was willing to shell out US $ 500 million (AU $ 690 million) for an incomplete house.

Earlier this year, The One renewed public interest by posting a few close-ups, as well as posting a massive price cut – down to just US $ 350 million (AU $ 480 million). Yet the dollar figure was too much in demand. Months after the price drop, this monstrosity of an LA residence is finally on track to be sold… after project developer Nil Niami in default of over US $ 100 million (AU $ 140 million) in loans and debts.

Nile Niami reportedly borrowed more than US $ 82.5 million (AU $ 114 million) from Hankey Capital in 2018 to complete construction. In March of this year, however, Hankey served his former friend with a notice of default, sending The One straight into a foreclosure sale. Niami had 90 days to pay or renegotiate the debt, which court documents show swelled to around US $ 110 million (A $ 152 million). With no payment made by the July deadline, The One has been placed in receivership. The real kicker? While project completion was apparently “four weeks away” in a video tour released in April, there remains a “complicated punch list” to go through, and the whole attached always is not ready for the market.

RELATED: Inside the $ 130 million New York Pinnacle Penthouse

“It’s a pretty long list,” said catcher Theodore Lanes of Lanes Management Services. CNN Affairs.

“Obviously, anything that falls under security would be given priority. As for the other projects, they are all evaluated according to the requirements for obtaining the certificate of occupancy. If they are compulsory for the occupancy certificate, they have priority.

“It’s a very complicated property with a lot of open issues. Right now the goal is to get full insurance and work out a schedule and budget to get the certificate of occupancy to maximize value and make the property more marketable.

Theodore Lanes was tasked with accounting for debts on the property, preparing before selling the property to repay lenders and creditors with all the proceeds that could be recovered. In addition to the debts described above, the house also has around US $ 2 million (AU $ 2.75 million) in unpaid taxes and supplier bills for concrete, air conditioning and scaffolding. Additionally, insurance had lapsed in early 2021, as challenges for social media users unsurprisingly led to an influx of intruders.

RELATED: Mysterious Crypto Billionaire Takes Insane Hilltop Mansion For $ 112 Million

The One is a lavish 105,000 square foot property that sits on 1.6 acres of Bel-Air land – because where else would something like that even be acceptable from a distance? With 360 views of Southern California, The One has 21 rooms, including a 5,500 square foot master suite, 42 bathrooms, and plenty of opulence.

In addition to what we will claim to be considered bare necessities, the notable features are as follows:

  • 50 car garage gallery with 2 x car display boards
  • Tennis court
  • Gym
  • 30-seat cinema
  • 4-lane bowling
  • Library
  • 10,000-bottle wine cellar
  • 5 x swimming pools (1 Olympic, 4 infinity)
  • Dedicated spa level
  • Sky deck with putting green
  • 200-person “philanthropy wing”
  • and the last time we heard it, his own nightclub

“I gave them everything here,” Nile Niami previously said in a video, which will surely haunt him for years to come.

“We have everything everyone could want in this house. “

Check it out below.

Unique mansion foreclosure sale
Unique mansion foreclosure sale
Unique mansion foreclosure sale
Unique mansion foreclosure sale
Unique mansion foreclosure sale
Unique mansion foreclosure sale
Unique mansion foreclosure sale

Source link

Leave A Reply

Your email address will not be published.