Google Maps: 500,000,000 Bel Air megamansion
The LA courts have taken over a massive California mansion worth $500 million in Bel Air.
Developer Nile Niami defaulted over $100 million on loans and placed the property in receivership.
Six elevators are featured in the mega-mansion, as well as a nightclub and a bowling alley. There is also a beauty salon.
Check out more stories from Insider's business page.
CNBC reports that a mega-mansion known as "The One", located in Los Angeles, is now under court receivership. It was taken by the courts after its developer defaulted over $100 million in loans.
Nile Niami, the visionary and developer of the project, had high expectations for the property. He projected that it would sell at a staggering $500 million.
The mansion, measuring 105,000 square feet, is situated on eight acres that overlook the LA skyline and offers a stunning view of the ocean. The mansion is also equipped with six elevators, a beauty salon, gym and underground 50-ar garage. There's also a moat around the property that surrounds the entire property. A theatre can seat 50 people. Multiple infinity pools are just a few of the many amenities.
According to the LA Times, Niami borrowed more $80 million from Hankey Capital in order to build the huge house. Hankey served Niami a notice in default, which gives Niami 90 day to repay the loan. Hankey has the right to forcibly take over the property if Niami fails to pay in 90 days.
CNBC reports that the Los Angeles County Superior Court placed Ted Lanes, Lanes Management, under receivership. Lanes, as receiver of the property is responsible for obtaining the necessary permits to sell the house, to do any construction and to get the house back on the market to repay the lenders.
Lanes stated that she would love to see the house complete, the certificate of occupancy issued and a sale that maximizes its value. Lanes spoke with CNBC. "I hope that there will be enough proceeds from the sale of the house to pay the secured and unsecure creditors and to allow the equity to realize some value.
Business Insider has the original article.
