CNN BUSINESS | Mega mansion once worth $500 million defaults on $100 million in debt, forcing a sale

An aerial view of 105,000 square foot mansion dubbed “The One.”

A gargantuan residence in Los Angeles dubbed “The One” by its developer is now on track to be sold after the owner defaulted on more than $100 million in loans and debt, according to court documents.

In an Instagram post last summer, Nile Niami, the project’s developer, pitched the 105,000-square-foot home as having seven pools, a 50-car garage, a 10,000-bottle wine cellar and even its own nightclub. Promoted as being the largest and most expensive urban property in the world, “The One” was expected to come to market for $500 million, according to the video Niami posted on Instagram. But it suffered many delays and complications and now faces a court-ordered sale to pay debts.  —read more—