BUST: Most expensive home in America defaults on $165 million in debt…

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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.”

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www.cnbc.com/2021/09/08/most-expensive-home-in-america-defaults-and-heads-for-sale.html

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