The Los Angeles mansion was supposed to be the most expensive home offered for sale in America, as it was supposed to sell for $500 million, but it is now in receivership and will therefore be sold at a lower price after its owner defaulted on debts of more than $165 million. According to the British newspaper “Daily Mail”.
home from above
The 105,000-square-foot Bel Air mansion, known as “The One,” has been placed in receivership by the Los Angeles County Superior Court because the mansion’s owner, Neil Nyami, is owed millions of debts and loans.
Niamey bought the property in 2012 and promised to build the largest house in America, but he has not been able to finish construction or find a buyer since then, but he was able to finish a large part of the property. The One “.
The court appointed Ted Lanz as the recipient of the eight-acre property for sale once all permits have been granted, who told newspapers he had not yet determined when the house would be put on the market or what its price would be.
Lanz told Network. NBC “What I would like to happen is that the house is complete, certificate of occupancy awarded and we have an orderly sale that maximizes value, and hopefully there will be enough proceeds from the sale to fund secured and unsecured creditors and equity to bring in some value.”
The nine-bedroom property project was originally scheduled to be completed in 2017, but construction has stalled due to a series of financing and construction issues.
The property includes a bowling alley, a private theater, a night club, multiple pools, a Jacuzzi, a salon, a gym and an underground garage with two car parks. The palace was planned to have at least 20 bedrooms.
Niamey was planning to convert the house into a film studio and commercial project, and use it to host new shows, events and start-ups.
The Wall Street Journal previously reported that Niamey has five huge unsold mansions as well.