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."
Sheesh
The cost of keeping and maintaining such a megamansion, (more accurately such a resort) is greater than the purchasing cost overtime
You would build 20 house with nice parks with 500 millions and still save some money
At the collateral $DRV
Buy $DRV
Interesting how the property is ascribed the ability to carry out an action
Looks like a dump
I believe it's in Malibu
Ima wondering if I should buy that. What do y'all think ? Yea or nay
Is this the same house the owner did a review on youtube while high on drugs?
When will the same headline be used for the Trump properties?
We know
IMAGINE all the homeless people that home could house! Let's create a go fund me to buy it and move them in. I'm sure it comes furnished.
Buying that expensive of a home is a huge gamble because the number of people who you could sell it to are minimal so it’s kinda dumb really. I’m not surprised at this. Plus in LA the taxes!!! Even if I had 100 billion liquid I’d never buy it
I'll submit my cash offer... i have $12.00 American dollars and a sealed/mint copy of Chappelle Show season 1 otherwise known as prime Dave Chappelle. Get back to me soon. I'll have to request a special transfer permission from my bank.
The “can I afford this house” calculator was off on this one
this is terrible news
The bubble is gonna blow up once again.
WHO GOT THE DIP LOANS?!?!
Top
good
Law Law Latest News, Law Law Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CNBC - 🏆 12. / 72 Read more »