The L.A. mansion commonly referred to as “The One” is reportedly set to be sold after the owner defaulted on more than $100 million in loans and debt, according CNN.
Promoted as being the largest and most expensive urban property in the world, “The One” was at one time expected to be listed at $500 million.
But it suffered many delays and complications and now faces a court-ordered sale to pay debts. The home spans some 105,000 square feet, boasting 20 bedrooms, seven pools, a 50-car garage, six elevators, a library, cigar room, candy room, a 10,000-bottle wine cellar, nightclub, a four-lane bowling alley, 50-seat movie theater, a putting green, gym, salon, juice bar and tennis court.
Nile Niami, the project’s developer, reportedly borrowed $82.5 million from Hankey Capital in 2018 to continue building the home. As CNN notes, in March of this year, Hankey served a notice of default sending the property toward a foreclosure sale. Niami had 90 days to pay or renegotiate the debt, which had grown to more than $110 million, according to court documents.
The home has since been placed in court-ordered receivership, an alternative to foreclosure for complicated real estate deals.
Niami is also being sued by other creditors and investors. Compass is suing for non payment of a $200,000 loan he took out while trying to sell a different home in Bel Air, according to court documents.
No word on when “The One” will officially be listed.