“This is a very complicated property with quite a few open issues,” Lanes wrote in his report. The home also has more than $2 million in unpaid taxes and invoices to vendors for concrete, air conditioning and scaffolding, according to Lanes’s report. If they are mandatory for certificate of occupancy, they are getting priority.” “As for the other projects, they are all being evaluated based on requirements to achieve the certificate of occupancy. “Clearly anything that would fall under safety would have priority,” said Lanes in his email. Other problems the property faces, according to the report: the insurance had lapsed in early 2021, challenges from social media users to sneak onto the property have led to intruders.
Lanes said in an email to CNN Business that he is still learning about new issues that need to be dealt with, including obtaining the plans and permits and sorting out agreements with artists whose work is in the house, a furniture staging company and the gardener.
But others are particular to the property: the permit to build a commercial-grade catering kitchen was denied and that space remains empty. Some items Lanes outlined are fairly typical final details when building a home – the gas company won’t provide service until there is a certificate of occupancy issued, for instance. Nile Niami did not respond to a request for comment.īut despite promises by Niami that the property is nearly done – during a video tour of the home posted in April he said it would be “another four weeks, probably” – there is a complicated punch list left and the property is not ready for market, according to Lanes’ first report filed with the court.
Hankey Capital declined to comment about the default or receivership. The receiver, Theodore Lanes of Lanes Management Services, is tasked with accounting for debts against the property, readying then selling the property and, ideally, repaying lenders and creditors with the proceeds. With no payment made by July, the home was placed in court-ordered receivership, which is an alternative to foreclosure for complicated real estate deals. Niami had 90 days to pay or renegotiate the debt, which had grown to more than $110 million, according to court documents. But in March of this year, Hankey served a notice of default sending the property toward a foreclosure sale. Niami borrowed $82.5 million from Hankey Capital in 2018 to continue building the home. An aerial view of 105,000 square foot mansion dubbed "The One." Nile Niami/Instagram
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