"Most expensive urban property in the world" to go under the hammer
<p><span style="font-weight: 400;">A sprawling home in Los Angele, nicknamed “The One”, is </span><a rel="noopener" href="https://www.9news.com.au/national/us-news-mega-mansion-once-worth-683-million-defaults-on-136-million-in-debt-forcing-a-sale/58a4d087-723c-428f-bbd4-f26f3238a755" target="_blank"><span style="font-weight: 400;">expected to be sold</span></a><span style="font-weight: 400;"> after the owner defaulted on $136 million in loans and debt.</span></p>
<p><span style="font-weight: 400;">Dubbed America’s most expensive home, the 105,000-square-foot property developed by former film producer Nile Niami was expected to sell for $683 million, according to Niami.</span></p>
<p><span style="font-weight: 400;">But, after suffering delays and complications and racking up debt, Niami faces a court-ordered sale to pay his debts.</span></p>
<p><span style="font-weight: 400;">Niami bought the property for a cool $28 million, before partnering with architect Paul McClean to build “The One”.</span></p>
<p><span style="font-weight: 400;">Original plans for the home included a cinema, four-lane bowling alley, beauty salon, five pools, a private nightclub, and a casino.</span></p>
<p><span style="font-weight: 400;">As for bedrooms, Niami planned for 20, with the largest being a 5,500 square-foot master suite, complete with its own office, pool, and kitchen.</span></p>
<p><span style="font-weight: 400;">Despite its original completion date being set for 2017, Niami borrowed $112.78 million from Hankey Capital in 2018 to continue building the home.</span></p>
<p><span style="font-weight: 400;">The design also underwent changes, with the number of bedrooms dropping to nine and plans for an extravagant jellyfish tank being dropped.</span></p>
<p><span style="font-weight: 400;">In March 2021, Hankey served a notice of default to Niami, who had 90 days to pay or negotiate the now $150 million debt, according to court documents.</span></p>
<p><span style="font-weight: 400;">With no payment as of July, the home was placed in court-ordered receivership, an alternative to foreclosure.</span></p>
<p><span style="font-weight: 400;">Theodore Lanes Management Services received the property, and is required to account for debts against the property, then selling it and repaying lenders and creditors with the proceeds.</span></p>
<p><span style="font-weight: 400;">Despite Niami promising the home was nearly complete in April, there is still some work to be done. </span></p>
<p><span style="font-weight: 400;">This includes a lack of gas service until a certificate of residence is issued, and an empty space where a commercial-grade catering kitchen was expected to be installed, after the permit to build it was denied.</span></p>
<p><span style="font-weight: 400;">“It’s a pretty extensive list [of issues],” Lanes told </span><em><span style="font-weight: 400;">CNN Business</span></em><span style="font-weight: 400;">.</span></p>
<p><span style="font-weight: 400;">The home also has more than $2 million in unpaid taxes and invoices for concrete, air conditioning, and scaffolding, according to Lanes.</span></p>
<p><span style="font-weight: 400;">“This is a very complicated property with quite a few open issues,” Lanes said.</span></p>
<p><span style="font-weight: 400;">“At present, the focus is to obtain complete insurance and develop a timeline and budget to secure the certificate of occupancy in order to maximise value and to make the property more marketable.”</span></p>
<p><span style="font-weight: 400;">Speaking to </span><em><a rel="noopener" href="https://www.mirror.co.uk/news/us-news/americas-most-expensive-home-the-24958036" target="_blank"><span style="font-weight: 400;">NBC</span></a></em><span style="font-weight: 400;">, Lanes said, “What I would love to see happen is that the house gets completed, the certificate of occupancy is awarded and we have an orderly sale that maximises the value.</span></p>
<p><span style="font-weight: 400;">“Hopefully, there will be sufficient proceeds from the sale to fund the secured and unsecured creditors and for the equity to realise some value.”</span></p>
<p><em><span style="font-weight: 400;">Images: nileniami / Instagram, Bel Air Mansion</span></em></p>