What Can You Buy for $300 Million? An Unfinished Home in Los Angeles, for Starters
The developer Nile Niami had originally hoped to sell the property for $500 million.
A Los Angeles mega-mansion, at 105,000 square feet and spanning over 3.8 acres on the hills of Bel Air, is about to hit the auction block, and it can be yours for just $295 million.
The home, nicknamed “The One,” features 42 bathrooms, 21 bedrooms including a 5,000-square-foot master suite, a 30-car garage and a two-story office, according to the Robb Report. As for the amenities, “The One” also boasts multiple swimming pools, a four-lane bowling alley, a hair and beauty salon, a juice bar, a 40-seat movie theater, a nightclub with a DJ booth and a “philanthropy wing” designed for charity galas and fundraisers, the magazine reported.
But the home’s history doesn’t have quite the glitz and glamor the listing photos portray. What it does have, according to the real estate publication Dirt.com, is $165 million in defaulted loans and debts, and will be sold on auction in order to repay creditors.
The developer, Nile Niami, a former film producer-turned-real estate mogul, reportedly purchased the property for $28 million in 2012, and spent the next ten years, along with tens of millions of dollars, redoing the home.
He had originally hoped to sell the home for $500 million.
But the home is still unfinished, according to Dirt.com, and still requires a certificate of occupancy for someone to actually live inside, the New York Post reported.
The home originally was a project Niami commissioned famous architect Paul McLean to embark on, with the parameters that it would be the “most expensive home in the urban world,” according to Robb Report.
Last October, Niami’s limited liability company Crestlloyd LLC, which owns the property, filed for Chapter 11 bankruptcy protection, the Los Angeles Times reported.
Inside Edition Digital was not able to reach Crestlloyd for comment.
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