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See inside this 105,000-square-foot Los Angeles megamansion that was just marked down to a sale price of $225 million

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In 2020, the most expensive mansion in America – hubristically dubbed The One – was preparing to hit the market with a few jazzed-up snapshots and ridiculously high-production promo video up its sleeve. The only problem? No human being in their right mind was willing to cough up US$500 million (AU$690 million) for an incomplete house.

A sprawling megamansion in Los Angeles is believed to be the biggest modern home in the US.

Known as The One Bel Air, the property comes from film producer-turned-real estate developer Nile Niami, who initially hoped to sell it for a whopping $500 million, which would have made it one of the most expensive homes in the world.

a white sculpture in a white room at mansion The One Bel Air
Allen J. Schaben / Los Angeles Times via Getty Images

It comes with 21 bedrooms and 42 bathrooms, according to Architectural Digest. It also sports amenities like a 10,000-bottle wine cellar, a 50-car garage, 50-person movie theater, nightclub, cigar room, sky deck, putting green, salon, bowling alley, and more, according to The Los Angeles Times.

a sprawling white mansion, The One Bel Air, sits atop a short green hill
Allen J. Schaben / Los Angeles Times via Getty Images

After its owner defaulted on more than $100 million in loans and debt, The One is now in a court-ordered receivership. The mansion’s initial asking price has been halved, and it’s now selling for $225 million, the LA Times reports.

Earlier this year, The One renewed public interest by releasing some close-up shots, as well as issuing a considerable price reduction – right down to just US$350 million (AU$480 million). Still, the dollar figure was far too much of an ask. Months after the price slash, this monstrosity of an LA residence is finally on track to be sold… after project developer Nile Niami defaulted on more than US$100 million (AU$140 million) in loans and debt.

an aerial view of a white mansion, The One Bel Air, and its pools, surrounded by hills and green grass
Allen J. Schaben / Los Angeles Times via Getty Images

Nile Niami reportedly borrowed over US$82.5 million (AU$114 million) from Hankey Capital back in 2018 to finish the build. In March of this year, however, Hankey served old mate a notice of default, sending The One directly into a foreclosure sale.

Niami had 90 days to either pay or renegotiate the debt, which court documents reveal had ballooned to around the US$110 million (AU$152 million) benchmark.

an aerial view of a white mansion, The One Bel Air, and its pools
Allen J. Schaben / Los Angeles Times via Getty Images

As zero payment was made by the July deadline, The One was placed in court-ordered receivership. The real kicker? While project completion was apparently “another four weeks” away during a video tour posted in April, there’s a “complicated punch list” left to go through, and the entire joint still isn’t ready for market.

a blue and purple sculpture of wings in front of green grass and a white building at mansion The One Bel Air
Allen J. Schaben / Los Angeles Times via Getty Images

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