Niami gave GQ his first public interview on the property six years ago in 2015, admitting he intended to put the home on the market for $500 million once the estate was completed. The construction costs for the home accumulated over time. Rather than that, Lanes must now obtain the appropriate construction permit to complete construction and obtain a certificate of occupancy, after which he will sell the property to repay creditors and contractors. He has no interest whatsoever in taking on the onerous debt associated with the property. Oheka Castle in New York (109,000 square feet) holds the top spot and then Winterthur in Delaware (96,000 square feet). Lanes is not taking ownership of the property - which, for the record, is only the third largest in the United States. Lenders of “The One” hope they will recoup their investment on the mansion. According to CNBC, the project is also approximately $1 million in debt to companies involved in air conditioning, concrete, and tool manufacturing. Yogi Securities Holdings, which contributed over $36 million to “The One”, as well as Inferno Realty and Maybach Corporation Holdings, which each contributed $7 million. Nobody buys a 100,000-square-foot house as their principal residence to use every day.”Īmong the lenders demanding repayment regardless of how lavish Niami’s personal Xanadu was is Los Angeles billionaire Don Hankey of Hankey Capital, which loaned Niami over $115 million and slapped him with a default notice in March. “I think whoever is buying this house is going to have 10 other houses. In an interview with Curbed, he said “All those pools are probably not going to get very much use at all. Photo Credit – Producer MichaelĮven Niami admitted that building a home with 5 luxury pools (one of them an indoor pool) was probably overkill. Even the servants quarters has its own swimming pool with easy access to the tennis courts. The Paul McClean-designed mega-mansion (which includes 42 bathrooms, 21 bedrooms, a 5,500-square-foot master suite, 5 pools, a 30-car garage with two car-display turntables, a moat, a 400-foot jogging track, and 360-degree views of Los Angeles) has been placed into receivership by Los Angeles County Superior Court and will be put on the market at a deep discount as soon as its court-appointed caretaker, Ted Lanes of Lansing takes receivership. Fast Facts About “The One” – Bel Air Mega Mansion
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