$500 million mansion called The One goes into foreclosure because no one wants it
A $500m Los Angeles mega-mansion called The One has gone into foreclosure because no one wanted to cough up the cash for the incomplete 105,000 square foot (9,755 square metres) building.
The most expensive mansion in the US was put on the market in 2020, but after no buyers were identified, the price was lowered to $350m earlier this year.
But even with the decreased price, finding someone to buy the building promoted as the largest urban property in the world remained difficult.
The One has now gone into foreclosure after project developer Nile Niami defaulted on more than $100m of debt and loans to finance the build. In 2018, he reportedly borrowed $82.5m from Hankey Capital to finish the residence. In March 2021, a notice of default was sent, prompting The One to go into a foreclosure sale. Mr Niami was afforded 90 days to pay or renegotiate the debt. Court documents show that the debt had reached around $110m.