\u00a0A 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 \u201cThe One,\u201d was placed into receivership 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 \u201cThe One\u201d and its flashy developer, Nile Niami, who often touted the property as his \u201clife mission\u201d and \u201cthe biggest, most expensive home in the urban world.\u201d <\/p>\n\n\n\n
Expected to hit the market in 2017 with a price tag of $500 million, \u201cThe One\u201d 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. Its seven water features include multiple pools, a jacuzzi and a moat that surrounds the house. The master bedroom suite is 4,000 square feet. Every door in the house is electric, along with all the toilets. Niami had planned a \u201cjellyfish room\u201d and ice bar but both proved too costly.<\/p>\n\n\n\n
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<\/a><\/figure><\/div>\n\n\n\nGot debt? We can help! Give us a call at (816) 524-4949 or visit our website <\/a>to set up a consultation. <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" \u00a0A 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 … Continue reading