A Los Angeles megamansion once expected to list for $500 million has gone into receivership after the owner defaulted on more than $165 million in loans and debt, according to court filings. The 105,000-square-foot Bel Air estate, known as “The One,” was placed into receivership by the Los Angeles County Superior Court and is expected to be relisted at a lower price in the coming months, according to people familiar with the property. — CNBC
In July, the Los Angeles County Superior Court named Ted Lanes of Lanes Management as receiver, who is now tasked with preparing "The One" for sale and selling it to recoup debts owed to lenders. The megamansion is expected to be listed on the market in the coming months once Lanes secures the proper permits and certificate of occupancy. The price and timing haven’t been determined yet, said Lanes.
“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,” Lanes shared. “Hopefully, there will be sufficient proceeds from the sale to fund the secured and unsecured creditors and for the equity to realize some value.”
As stated by CNBC, it’s currently unclear whether "The One" will sell at a high enough price to pay off all the debt.
3 Comments
Turn it into a shelter.
a $5mill house on a $20 garage on a $50mill retaining wall. could it not have failed terribly?
this earthquake trap would be a terrible shelter. best use is for a 24 hour commercial heliport.
Housing for the homeless.
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