A 105,000-square-foot Los Angeles megamansion that was expected to hit the market for $500 million has defaulted on its debt and is expected to hit the market for much lower.
The lavish Bel Air home, dubbed “The One,” was placed into receivership after defaulting on its $165 million debt. Developer Nile Niami was expected to list the mansion in 2017, but the home has faced repeated delays. It is now expected to list much lower, but the price and when it will hit the market remains unknown. It’s not clear if the property will sell at a price point that could cover all of its debt.
The one-of-a-kind home has nine bedrooms, and the master bedroom suite is an impressive 4,000 square feet. The doors in the house are electric, as are all of the toilets. It has multiple kitchens, a four-lane bowling alley, a nightclub, salon, gym, and a 50-seat theater. The underground garage has enough space for 50 cars and includes two auto turntables. One of the home’s seven water features consists of a moat that surrounds the mansion.
Niami told CNBC in 2017 that “there’s a lot of people out there with a lot of money — they want something no one else can have. He referred to the home as his “life mission.”
Now its future is uncertain. The receiver will obtain the needed permits to finish the home and the certificate of occupancy required to sell the house. The receiver will also compile a list of creditors and provide a notice period in which unpaid lenders, creditors, and contractors will be able to state their case.
