A mansion dubbed “The One” would have been America’s most expensive home sold, but it will now be sold for much less after facing $136m of debt. A mega-mansion in the US reportedly fitted with a nightclub, beauty salon, casino, and no less than five pools have now become a real estate nightmare. Property tycoon Nile Niami’s mansion dubbed “The One” would have been America’s most expensive home sold, but it will now be sold for much less after he fell into $136 million worth of debt.
It was expected to come to market for $683 million, but last week the lavish estate went into receivership and has now been forced into a sale following millions of dollars in loans and debt. According to The Sun, the vast Bel Air home took eight years to build and required the manpower of more than 600 workers. Miami, a film producer, turned ‘Giga mansion’ tycoon, began construction back in 2012, hoping to flip it for a profit. But it has since suffered many delays and complications and now faces a court-ordered sale to pay debts, according to toCNN.
The publication reported that Niami borrowed $112.78 million from Hankey Capital in 2018 to continue building the home. The developer had 90 days to pay or renegotiate the debt, which had grown to more than $110 million, according to court documents. But he failed to do so, and so the home was placed in court-ordered receivership, which is an alternative to foreclosure (for complicated real estate deals), CNN stated.
In an Instagram post from June last year, Miami shared a video boasting the 105,000-square-foot home with seven pools, a 50-car garage, a 10,000-bottle wine cellar, and even its own nightclub. However, the house has also racked up more than $2 million in unpaid taxes and invoices to vendors for concrete, airconditioning, and scaffolding, according to a report by the receiver, Theodore Lanes of Lanes Management Services.
“This is a very complicated property with quite a few open issues,” Lanes wrote in his report. “At present, the focus is to obtain complete insurance and develop a timeline and budget to secure the certificate of occupancy to maximize value and to make the property more marketable.” Lanes told CNN Business he is still learning about new issues that need to be dealt with, including obtaining the plans and permits and sorting out agreements with artists whose work is in the house, a furniture staging company, and the gardener.