A Los Angeles mega-mansion that was poised to be the most expensive home sold in America, with a $500 million price tag, was pulled from auction Wednesday as its developer and lender continue to fight over the sale of the home.
Developer Nile Niami's Crestlloyd filed for Chapter 11 bankruptcy protection to stop the sale of the home at a Los Angeles Country Superior Court auction after he defaulted on a $106 million debt owed to Hankey Capital, which belongs to billionaire Don Hankey.
Niami's successful bid to stop the foreclosure sale was the latest in a nearly year-long dispute with Hankey over the 105,000-square-foot Bel Air estate, known as 'The One.
'I'm disappointed,' Hankey told Bloomberg. 'All we want is to get our capital returned.'
The sprawling complex houses a bowling alley, private theater, a night club, multiple pools, a jacuzzi, a salon, a gym and an underground garage with two vehicle turntables.
'The One' mansion in Bel Air, California, would have been the most expensive mansion sold in America at an estimated $500 million. The home's developer, Crestlloyd, filed for bankruptcy
Nile Niami, right, defaulted on a $106 million debt owned to billionaire Don Hankey, of Hankey Capital. Hankey has pushed for the home to be sold on a LA County auction
The home was expected to sale for $164 million at a LA County Superior Court auction
The mansion has nine bedrooms and was set to have spaces for charity galas
It also houses its own built-in movie theater
Lawrence Perkins, the newly appointed manager of Crestlloyd, said the developer would be focusing on making sure the home is completed, marketed and seen by prospective 'high-level' buyers.
He said the plans would be put forth soon in Bankruptcy court, where Hankey could seek to have the process halted in order to restart the auction sale after November 29, the Los Angeles Times reported.
Niami 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 project for the nine-bedroom estate was originally slated to be finished in 2017, but the construction has been set back by a series of financing and building problems, including scrapped plans to include a jellyfish tank.
Developer Nile Niami was once known as the most successful mega-mansion developer in LA
The unfinished mansion has its own bowling alley
Niami had plans to rent the some spaces of the home off as an entertainment venue
The home is 105,000 square-feet with a sprawling number of rooms
