A Los Angeles megamansion, once expected to list for $500 million, defaults on $165 million in debt, heads for sale.
Even as prices were falling, Niami was loading up on debt to finish and promote "The One." Over the past four years, Niami and his related LLC, Crestlloyd, have borrowed more than $165 million to build and sell "The One," according to property documents.
Hankey served Niami with a notice of default in March. In July, the Los Angeles County Superior Court ordered the property be placed into receivership and named Ted Lanes of Lanes Management as the receiver. Under a receivership, a property that's defaulted is turned over to a court-appointed receiver, who prepares the property for sale. In complex or large real estate projects, receiverships are often preferable to a foreclosure, where the lender or bank seizes the property.
"What I would love to see happen is that the house gets completed, the certificate of occupancy is awarded and we have an orderly sale that maximizes the value," he said. "Hopefully, there will be sufficient proceeds from the sale to fund the secured and unsecured creditors and for the equity to realize some value."
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