In an era when we have become accustomed to seeing the price of housing escalate, this Bel Air property is in a class by itself. The Los Angeles mega mansion, billed as “the most expensive home in the urban world” by its developer, has gone into receivership after the owner defaulted on more than $165 million in loans and debt. Once expected to be listed for $500 million, the 105,000-square foot home known as “The One” was placed into receivership by the Los Angeles County Superior Court and is expected to be reslisted at a lower price in the coming months, report those familiar with the property.
The Bel Air property, which stretches over eight acres on a LA hilltop, was the “life mission” of flashy developer Nile Niami. Its features include nine bedrooms with the master sprawling over 4,000 square feet. Amenities include multiple kitchens, a night club, salon, gym, bowling alley, 50-seat theater, underground garage for 50 cars, and a running track. The seven water features feature multiple pools and a moat the surrounds the house. The largest lender is Hankey Capital, founded by Los Angeles billionaire Don Hankey, which has more than k$115 million in loans on the property. “The One” also has more than $1 million in unpaid taxes and debts from concrete, air conditioning and tool companies.