This could be the ultimate flip or maybe, the world’s biggest flop…..Either way, a half billion dollar ($500 million), 105k sq. ft. mega-mansion in Los Angeles recently went into receivership after the owner defaulted on more than $165 million in loans & debt. CNBC is reporting that the house, also known as “The One,” was placed into receivership by the Los Angeles County Superior Court and is expected to be relisted at a lower price in the near future. Interestingly, not only does the house have 4 infinity pools, but it also has a giant moat to keep out uninvited guests. Indeed…
“Expected to hit the market in 2017 with a price tag of $500 million, “The One” has been dogged by repeated delays, funding problems and changing strategies. The home stretches like an ultra-modern palace over eight acres on a hilltop overlooking LA. It has nine bedrooms, multiple kitchens, a nightclub, four-lane bowling alley, salon, gym, 50-seat theater, a running track and an underground garage for 50 cars, with two auto turntables. Its seven water features include multiple pools, a jacuzzi and a moat that surrounds the house. The master bedroom suite is 4,000 square feet. Every door in the house is electric, along with all the toilets…”
Click here to read the full story at CNBC.com.
