October 18, 2021

The Queens County Citizen

Complete Canadian News World

In pictures | These are the financial problems surrounding the $ 500 million home

In pictures |  These are the financial problems surrounding the $ 500 million home

The “largest and most expensive house in the world,” valued at $ 500 million, is expected to be forcibly sold due to financial problems.

According to court documents obtained by CNN, the employer defaulted on more than $ 100 million in debt and liabilities.

In an Instagram post from last June, project developer Nile Niami showcased this massive 105,000-square-foot home, which includes seven swimming pools, a 50-car garage, a cellar for 10,000 bottles of wine and its own box for the night.

Developers call the residence, located in the famous Bel Air district of Los Angeles, “the largest and most expensive urban property in the world”.

In her video posted on Instagram, Nile Niami says she wants to sell the house for $ 500,000,000.

But due to many delays and problems in its construction, the court ruling will force its sale to settle the developer’s debts.

According to CNN, Nile Niami borrowed $ 82.5 million from Hankey Capital Group in 2018 to finalize the construction of the house.

But in March 2021, the group issued a default notice directing the foreclosure sale of the property.

Court documents viewed by CNN indicate that the developer had 90 days to repay or negotiate the loan, raising over $ 110 million.

Since the payment was not made in July, the house was placed on receiver, which is an alternative to foreclosure sale for complex real estate transactions.

Conkey Capital and Nile Niami both declined to comment when contacted by CNN.

In addition to the many swimming pools and nightclubs, the luxury residence also has four bowling lanes, a 50-seat cinema, an outdoor terrace with green practice, and a 4000-square-meter master bedroom with swimming pool. Pool, one acre backyard, wellness center, beauty salon and gym.

READ  Bahamas brings new security rules for visitors