The developers of the $500 million Los Angeles mega mansion – known as one of the biggest homes built in the U.S. – filed for bankruptcy.
The mansion – nicknamed “The One” – was being developed by Crestlloyd LLC; however, lenders, including Hankey Capital, claimed they weren’t being paid, according to Los Angeles Daily News.
A receiver was appointed to handle the project and Crestlloyd claimed the receiver “hampered efforts to complete the property.”
Hankey, reportedly loaned more than $82.5 million for the mansion, had a foreclosure sale of the property set for Wednesday. The bankruptcy was used to block lenders from foreclosure.
The mansion is worth $35 million; however, Crestlloyd claimed the mansion had $176 million worth of secured loans.
The mansion is “almost twice the size of the White House” and has a movie theater, a waterfall, four swimming pools, a beauty salon, and a gym among other amenities.
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