The mansion was an ambitious project dreamed up by real estate developer Nile Niami, who first bought the land in 2012 for $28 million.
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Niami commissioned the spec home, with a proposed price tag of half a billion dollars, according to the Los Angeles Times.
Courtesy / Marc Angeles. Courtesy / Marc Angeles
Niami racked up $180 billion in debt to multiple lenders on the property while in the 10-year building process, and in December his company filed an agreement in U.S. Bankruptcy Court to auction off the house.
Now, he’s asking someone to “walk into the stratosphere” with him, releasing a video on Dec. 17, 2021 to YouTube, which is essentially a last-ditch effort to find an investor and keep the house off the auction block.
Kirman thinks that however the saga plays out, it will definitely take someone from a very specific income bracket to save the house.
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“The only thing that’s certain is that you really have to be a billionaire to buy this property,” he told Robb Report.
Courtesy / Marc Angeles. Courtesy / Marc Angeles
If the home sells, even at the discounted asking price, it will be the most expensive house ever sold at auction.
Bidding in the no-reserve auction is scheduled to take place Feb. 7 to 10 via Concierge Auctions’ online marketplace.
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