“The One” Mansion Defaults Millions in Debt, Forced into Sale
“The One” has been forced into a foreclosure sale after the mansion’s owner had defaulted on millions in loans and debt.
The owner of America’s most expensive home in Los Angeles, known as “The One”, had defaulted on more than US$100 million in loans and debt according to court documents, and is facing a court-ordered sale to pay debts.
According to listing records, the 3.5-acre estate has been on and off the market since 2007, with the price dropping each time. In 2016, its asking price was US$195 million. In 2019, the owner of the property, attorney Leonard Ross put it into Chapter 11 bankruptcy to avoid foreclosure, and it was then listed for US$125 million. It was then taken off the market in March this year.
It went back on the following month, in April, for US$89.75 million and then again in June for just under US$70 million.
In an Instagram post last summer, Nile Niami, the project’s developer pitched the home as having seven pools, a 50-car garage, a 10,000-bottle wine cellar, and even its own nightclub. “The One” was expected to come onto the market for US$500 million, according to the Instagram post. However, it suffered many delays, which led to the court receivership.
Prior to the bankruptcy, Niami had been marketing the Bel-Air mansion for years, with interviews and photos in the media. He showed off the mansion in a special video tour in April this year with YouTube personality Michael Blakey, who touted the property as the “biggest and most expensive house in the world.” Niami also talked about plans to use the home to host potential Netflix shows, events, and start-up companies.
This extravagant mansion isn’t the only one for sale in Los Angeles — Sylvester Stallone’s mansion is also up for grabs. Tucked away in one of the city’s most exclusive neighbourhoods in North Beverly Park. It offers breathtaking views of the surrounding canyon and city.
For more property reads, click here.
