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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsMost expensive home in America defaults on $165 million in debt, heads for sale
They cannot even begin to feel the pain of some struggling Americans.!
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A 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 The One, was placed into receivership by the Los Angeles County Superior Court 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 The One and its flashy developer, Nile Niami, who often touted the property as his life mission and the biggest, most expensive home in the urban world.
Expected to hit the market in 2017 with a price tag of $500 million, The One 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 jellyfish room and ice bar but both proved too costly.
https://www.cnbc.com/2021/09/08/most-expensive-home-in-america-defaults-and-heads-for-sale.html
Goonch
(3,607 posts)mahatmakanejeeves
(57,412 posts)SoCalDavidS
(9,998 posts)I admit the price is kind of crazy, but if you're saying that even 2 Zeroes should come off, that drops price to $5 Million. That would be a steal in Southern California for a mansion like that. Take off 3 zeroes, and you're down to $500,000, which buys you a 1 Bedroom Condo in L.A.
I'd guess the ultimate sales price will be somewhere in the $200 - $300 Million range, but what do I know?
Mosby
(16,299 posts)Thats ridiculous.
200 million is closer to the going rates.
Tomconroy
(7,611 posts)Xoan
(25,319 posts)Calista241
(5,586 posts)TexasBushwhacker
(20,174 posts)LeftInTX
(25,258 posts)marble falls
(57,078 posts)Corgigal
(9,291 posts)gonna all pitch in and purchase it? I got 15 bucks to spare.
Tommymac
(7,263 posts)Or any Red state.
mainer
(12,022 posts)For that price, you'd think there'd be 20 at least. Too few bedrooms to turn it into a hotel.
csziggy
(34,136 posts)Divide it up so each section has its own kitchen and special feature. Rent out the spaces at exorbitant prices per day. In a century or so, you might get your money back.
EarthFirst
(2,900 posts)Even by site considerations; that is one hideously ugly execution.
moondust
(19,972 posts)Mexico is raffling off some properties "with an estimated total value of 250 million peso."
AMLO announces 22-item raffle that will include house of El Chapo to return money stolen from the people
jmowreader
(50,555 posts)I would add a couple more buildings to it and turn it into a combination boutique hotel and law office. The sight lines are excellent, its already got plenty of parking, and the amenities just cant be beat.
What I wouldnt do is live in it. I have enough of a time figuring out how to use the square footage I have now.
Retrograde
(10,133 posts)And how does an 'ice bar' differ from a normal bar? And what's the upkeep on this monstrosity like?
I don't think I'd like a house where one bedroom "suite" is more than 3 times the size of my current house!
Maru Kitteh
(28,339 posts)DFW
(54,358 posts)If I want the White House, I'll just run for president. It sounds cheaper. Plus, they pay you to live there.
csziggy
(34,136 posts)Or for the staff to do all the work and cater to your every whim.