After years of building, developing, and hyping up the most expensive New York mansion to date, the so-called "The One" is at the edge of foreclosure since developer Nile Niami has not yet paid up the money he borrowed to build the ambitious megamansion.
According to the Los Angeles Times, Niami tapped Hankey Capital in 2018 to borrow a whopping $82.5 million to execute the extravagant mansion. However, after three years, the debt has ballooned to more than $110 million. Niami has yet to pay the said amount since no one has purchased the lavish home with a $500 million initial asking price.
Based on the documents obtained by LA Times, Hankey Capital already served a notice of default on the Bel-Air property. It is considered the initial step in the process of foreclosing a property.
If Niami won't be able to settle his loan 90 days after the notice of default was served, the lender could force a sale of the ambitious megamansion.
"We felt the owner of 'The One' was distracted from the job at hand, which is to bring the biggest and best house in the United States to market for sale," Hankey Investment Co. chairman Don Hankey said.
"We hope our actions will kick off the official listing," he added.
"The One" Property Details
This sprawling New York mansion sits on a 5-acre Bel Air hilltop. It appears to be floating on top of the city as it is surrounded by a moat and a 400-foot-long jogging track. "The One" boasts a breathtaking panoramic view of downtown Los Angeles, the Pacific Ocean, and the San Gabriel Mountains.
The 105,000-square-feet residence features a 26-foot-high ceiling and houses 21 bedrooms and 42 bathrooms.
Upon entering the property, you will be welcome with water, a massive sculpture, and a bridge. Architect McLean explained that they had incorporated the element of water during the design process "because it allows for a sensory change that helps you adjust to your surroundings."
Of course, the enormous estate also features over-the-top amenities that match its size. It has not just one but five large swimming pools, a 30-car garage, a four-lane bowling alley, a 100,000 square-foot sky deck, a 30-seater movie theatre, and an entire level dedicated to a spa.
It also has a "philanthropy wing", specially made for events and charity gala. The event space with a breathtaking view of the city could fit at least 200-guests.
After nearly a decade of design and development work, the world’s most expensive home is finally ready for its close-up and we got an exclusive look at what's inside: https://t.co/c7orjh2Tbc pic.twitter.com/aDG1ihBjZh
— Architectural Digest (@ArchDigest) January 12, 2021
"The One" Interior Design
The expensive house sticks to a neutral color scheme of black, white, and grey throughout the entire home. It was due to Niami's wish to have a color palette that would allow the landscape and panoramic view to stand out.
The Los Angeles house for sale is also filled with custom-curated artworks in collaboration with Creative Art Partners and Art Angels.
Architect McLean explained that his inspiration was to connect the home's inside with the outside despite dividing each room's purpose.
"To allow the home to feel livable, we separated the entertainment spaces from the living areas. [The former] are located at the lower level [and] this creates a plinth for the rest of the house to sit on and reduces [its] apparent mass," McLean said.
