Nobody wants to pay $500 million for this unfinished Bel Air mega-mansion that just defaulted on a huge loan

[neurosis]

This sounds like rich people problems.  lol.  Poor guy defaulted on an 80 million dollar loan and the mansion isn't even done yet?  

Who in the F can afford a 500 million dollar home?

https://www.businessinsider.com/500-million-bel-air-unfinished-mega-mansion-2021-9">https://www.businessinsider.com/500-mil ... ion-2021-9">https://www.businessinsider.com/500-million-bel-air-unfinished-mega-mansion-2021-9

A mega-mansion in Los Angeles known as "The One" is under court-ordered receivership after its developer defaulted on more than $100 million worth of loans, CNBC reports.

Nile Niami, the developer and visionary for the project had high hopes for the property, projecting that it would sell for a whopping $500 million.

The 105,000 square-foot mansion sits on eight acres overlooking the LA skyline with a view of the ocean. It's also packed with pretty much every luxury feature possible, including six elevators, a spa, beauty salon, gym, a nightclub, underground 50 -ar garage, a moat surrounding the entire property, a theatre that seats 50 people, multiple infinity pools, and more.

To build the massive house, Niami borrowed more than $80 million from Hankey Capital to fund the project, according to the LA Times. Hankey served Niami with a notice of default which gives Niami 90 days to pay back the loan. If Niami can't pay within 90 days, Hankey can forcibly sell the property.

[Jim at Gentex]

Dumazz bit off more than he could chew.
Bigger dumazzes gave him the money to do it.

It looks like it is nearly finished, so I wouldn't be surprised if some multi-billionaire steps in, gets a great deal on it, then pays to have it finished.

[pmartin]

If somebody gave me that property I couldn't afford to pay the electric bill and just imagine what the property taxes will be.

[Jim at Gentex]

If somebody gave me that property I couldn't afford to pay the electric bill and just imagine what the property taxes will be.

Taxes in LA LA Land?
Oh yeah, it definitely would cost a small fortune just to pay the taxes and upkeep on a place like that.
This would be one of those "If you have to ask how much it costs, you probably can't afford it" deals.
That's why only the mega-rich can afford those lavish mega-mansions, and all of the associated costs that go along with owning something like that.

If you are familiar with the Showtime series 'Billions', Bobby Axelrod would probably flip that bitch and make a profit doing it!      

[mkd]

I watched a loooong tour of that place on Youtube. The developer had a string of building successes that he claims to have plowed the profits into this "the one".
 The scale of this build makes absolutely no sense, which is why nobody will buy it. Convention center scale with mansion style works for nobody.

[neurosis]

The place is a full blown resort.  42 bathrooms?  Who needs 42 bathrooms?

[Jim at Gentex]

The place is a full blown resort.  42 bathrooms?  Who needs 42 bathrooms?

LOL

OK, it's official.
42 frickin' bathrooms?
I couldn't afford to keep the place stocked with toilet paper!  

Yeah, the list of people who could afford to buy this place is short, and the list of people who could afford it AND who would actually want it is even shorter.

The developer was probably hoping for that one ultra-conceited gazillionaire who would want to have it just to have it.

He was probably hoping that maybe some Saudi Prince, big CEO, or a crypto multi-billionaire would buy it, not to live in, but just to entertain 40 or 50 of his closest friends whenever he felt like it.

But even people who have money to burn have limits.
Time will tell if there are any takers on this place.

[RobertELee]

It's not unusual for these mega mansions to be bought, torn down, and rebuilt. True billionaires want something that is 100% their vision, not someone else's vision.

[Jeff]

That developer is a moron. As as said above the people that loaned him the money are morons.

[CNCAppsJames]

If somebody gave me that property I couldn't afford to pay the electric bill and just imagine what the property taxes will be.

Realistically, the property  tax bill is gonna be around $63,000/mo. ($750k/yr) depending on what - if any - kinds of tax breaks it qualifies for.

[mkd]

That developer is a moron. As as said above the people that loaned him the money are morons.

I disagree with part of that. lol
 The banks getting that joint for 80M is fantastic.
They should get 150M no problem.
500 or the recently listed 225, i don't see happening.

[Shazam/TPP]

now they know where to put the homeless from LA, have to think outside the box

[neurosis]

now they know where to put the homeless from LA, have to think outside the box

haha.. I think that you're on to something.   Thats an amazing idea..  lol.

[Jeff]

now they know where to put the homeless from LA, have to think outside the box

Does it have a big enough yard for them to shit in?

[Incogneeto]

now they know where to put the homeless from LA, have to think outside the box

Does it have a big enough yard for them to shit in?

That's what the swimming pools are for.

1. For Brown

1. For Yellow