LA mansion listed for millions is in debt

The largest house in the country is for sale. And its asking price has dropped by over half.

Meet “The One Bel Air” – a Los Angeles megamansion that is believed to be the largest modern home in the United States. According to Architectural Digest, the record-breaking 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 adorned with jaw-dropping features and amenities — from a surrounding moat and 400-foot-long jogging track, to a 30-car garage gallery and its own private nightclub.

Nile Niami, the project’s developer, originally put The One on the market for $500 million. But the Los Angeles Times reported Monday that that number has dropped significantly — most recently to a still enormous $225 million — following delays and complications, including unfinished construction, multiple lawsuits and a court-ordered sale to pay debts.

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

Home prices are still hot across the US. Where are the least expensive zip codes? 

More:How to tell whether flipping that house will make or cost you money  

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

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button