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A Los Angeles mansion that was poised to be the most expensive home sold in America, with a $500 million price tag, has gone into receivership and will be sold for a lower price after its owner defaulted on more than $165 million in debt, according to court filings.
The 105,00-square-foot Bel Air estate, knowns as 'The One, was placed into receivership by the Los Angeles County Superior Court as the mansion's owner, Nile Niami, held millions in debt and loans.
Niami, a property developer, bought 'The One' in 2012 and has spent the last nine years promising to build the grandest home in the U.S. and flip it for a profit, but he could not finish the construction nor find a buyer since it went on sale in January.
'The One' mansion in Bel Air, California, would have been the most expensive mansion sold in America, but it will now be sold for much less after its developer fell into $165 million of debt
The mansion was set to have 20 bedrooms and spaces for charity galas
