This is one time “go big or go home” spells disaster.
The owner of a Bel Air megamansion known as “The One” is defaulting. According to Los Angeles County Superior Court filings, developer Nile Niami defaulted on over 165-million dollars in debt, putting the estate into receivership.
Niami often touted the property as his “life mission” and “the biggest, most expensive home in the urban world.” The ultra-modern palace features 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.
Imagine a house being 105-thousand square feet….
And now it will be sold well below its current $500-million asking price.