A Los Angeles megamansion once expected to list for $500 million has gone into receivership after the owner defaulted on more than $165 million in loans and debt, according to court filings.
The 105,000-square-foot Bel Air estate, known as "The One," was placed into receivership by the Los Angeles County Superior Court and is expected to be relisted at a lower price in the coming months, according to people familiar with the property. The receivership marks a stunning reversal for "The One" and its flashy developer, Nile Niami, who often touted the property as his "life mission" and "the biggest, most expensive home in the urban world."
Expected to hit the market in 2017 with a price tag of $500 million, "The One" has been dogged by repeated delays, funding problems and changing strategies. The home stretches like an ultra-modern palace over eight acres on a hilltop overlooking LA. It has nine bedrooms, multiple kitchens, a nightclub, four-lane bowling alley, salon, gym, 50-seat theater, a running track and an underground garage for 50 cars, with two auto turntables.
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