PHOTO: ‘The One’ mansion in Bel Air, California
- Developer Nile Niami’s Crestlloyd filed for bankruptcy to stop the $500 million home from selling at an LA County Superior Court auction on Wednesday
- The home was up for auction after lenders complained that they would not be paid as the mega-mansion lies unfinished and unsold for nearly a year
- Billionaire Don Hankey, of Hankey Capital, pushed for the auction after Niami, known as ‘king of the LA mega-mansion’ defaulted on a $106M debt in spring
- He claimed Niami had grown too distracted to sell the home after the developer was cited for holding multiple house parties during the pandemic
- Crestlloyd said it would work to finish the house and find a ‘high-level’ buyer
- The estate features nine bedrooms, a bowling alley, a night club, multiple pools and a private 50-seat indoor theater
A Los Angeles mega-mansion that was poised to be the most expensive home sold in America, with a $500 million price tag, was pulled from auction Wednesday as its developer and lender continue to fight over the sale of the home.
Developer Nile Niami’s Crestlloyd filed for Chapter 11 bankruptcy protection to stop the sale of the home at a Los Angeles Country Superior Court auction after he defaulted on a $106 million debt owed to Hankey Capital, which belongs to billionaire Don Hankey.
Niami’s successful bid to stop the foreclosure sale was the latest in a nearly year-long dispute with Hankey over the 105,000-square-foot Bel Air estate, known as ‘The One.
‘I’m disappointed,’ Hankey told Bloomberg. ‘All we want is to get our capital returned.’
The sprawling complex houses a bowling alley, private theater, a night club, multiple pools, a jacuzzi, a salon, a gym and an underground garage with two vehicle turntables.
‘The One’ mansion in Bel Air, California, would have been the most expensive mansion sold in America at an estimated $500 million. The home’s developer, Crestlloyd, filed for bankruptcy
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