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It would seem that even the mega rich are thinking twice about the need for such ostentatious luxury as foreclosure looms for the developer of ‘The One’, the largest and most expensive mansion to be built in the US.
Nile Niami, the developer renowned for exceptional mansions for the super-rich, has been filed with a default notice for $82 million as the house has failed to get anywhere near its $500 million price tag.
Built over the last eight years, the house sits on five acres overlooking Los Angeles. With a record 100,000 sq ft of living space; the master suite alone is larger than most homes at 4,000 sq ft.
Luxuries include 5 swimming pools, a 50-seat theatre, its own nightclub, bowling alley, putting green and beauty salon.
However, in the current slump post-Covid, a sale is proving hard to come by. America’s super mansion market has collapsed during the pandemic and prices are being slashed. Perhaps even the super-rich realised they have no need for their own nightclub; or maybe these houses are finally just too big.
Whatever the cause, it certainly seems that at the time of an international pandemic and global crisis, even the wealthiest are reluctant to be seen investing in such ostentation.
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