Home Art sale LA mansion listed for millions is in debt

LA mansion listed for millions is in debt

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The largest house in the country is for sale. And its asking price has more than halved.

Meet “The One Bel Air” – a Los Angeles mega-nightstand that’s considered America’s tallest modern house. According to Architectural Digest, the record estate has 105,000 square feet of living space, including 42 bathrooms, 21 bedrooms and a 5,500 square foot master suite. The property is also graced with jaw-dropping features and amenities – a surrounding moat and 400-foot-long jogging track, to a 30-car garage gallery, and its own private nightclub.

Nile Niami, the developer of the project, initially put The One on the market for $ 500 million. But the Los Angeles Times reported on Monday that number had dropped significantly – most recently to a still whopping $ 225 million – following delays and complications, including unfinished construction, multiple lawsuits and an orderly sale. by court to pay debts.

A view of a 4,000-square-foot swimming pool above with private plunge pool at The One Bel Air, a 105,000-square-foot mansion by Nile Niami of Skyline Development and designed by Paul McClean (McClean Design).

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Also according to the Los Angeles Times, Don Hankey, whose company had previously loaned millions to Niami to complete another project, filed a foreclosure lawsuit in June. The lawsuit was against Crestlloyd, the Niami limited liability company that owns The One, after Niami defaulted on debt to keep The One.

“We loaned the money to put the house on the market and sell it,” Hankey said at the point of sale. “We didn’t loan it out to take a risk and make it work some other way.”

A court-appointed receiver, Ted Lanes, now controls the property and is responsible for both finding a buyer and paying lenders / other creditors, reports the Los Angeles Times.

A view of Unity, a contemporary sculpture on a rotating pedestal in the foyer of The One, a 105,000 square foot mansion in Bel Air, by Nile Niami of Skyline Development and designed by Paul McClean (McClean Design).

Peaks inside the country’s largest (and still colossally expensive) house can also be seen in commercials for “The One”.

In a June 2020 Instagram post, Niami said, “Seven years ago I had the idea to create the biggest and most expensive house in the urban world: The One Bel Air. made.”

The video shows plans for special features of the mansion, including a 4-lane bowling alley, a 50-seat movie theater, a terrace with putting green, and a 10,000-bottle wine cellar.

In last summer’s post, Niami also mentioned that a “certain percentage” of the mansion’s sale (which then had a whopping $ 500 million price tag) would be donated to charity. No specific charity has been specified.

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A view of the four-lane bowling alley at The One Bel Air, a 105,000 square foot mansion by Nile Niami of Skyline Development and designed by Paul McClean (McClean Design).

In a two-part tour of “The One” with film producer Michael Blakey and Niami posted to YouTube in April, Niami says he first bought the land in 2012. Viewers can follow the two as they watch. ‘they walk through the mansion. luxurious rooms, detailing its works of art and featuring high-tech amenities.

In Monday’s Los Angeles Times article, Niami told the outlet that he believes the current sale price of $ 225 million is too low, but is praying that “everything is going well with this house.” in the future.

Still, there is a lot of work to be done. According to the Times, Lanes, the court-appointed receiver, is rushing to complete the property. He estimates the house is in debt of $ 165 million. The cost of the remaining work is at least $ 5 million.

A view of the dining room with wine cellar of 10,000 bottles at "The Bel Air", a 105,000 square foot mansion by Nile Niami of Skyline Development and designed by Paul McClean (McClean Design).

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