From LAtimes.com…..
For years, spec developer Nile Niami has teased “The One” — a 100,000-square-foot mega-mansion in Bel-Air that he hoped to sell for $500 million. But his plans are now in peril.
Niami, known for his brazen personality and wildly ambitious real estate projects, borrowed $82.5 million from Hankey Capital in 2018 to build the extravagant home. Over the last three years, that debt has ballooned to more than $110 million, and Hankey wants its money.
According to a document obtained by The Times, the lender just served Niami a notice of default on the prized property, which is considered the first step in the foreclosure process. If Niami can’t repay the loan in 90 days, Hankey could force a sale of the home.
