![]() ![]() ![]() Hankey Capital declined to comment about the default or receivership. The receiver, Theodore Lanes of Lanes Management Services, is tasked with accounting for debts against the property, readying then selling the property and, ideally, repaying lenders and creditors with the proceeds. With no payment made by July, the home was placed in court-ordered receivership, which is an alternative to foreclosure for complicated real estate deals. Niami had 90 days to pay or renegotiate the debt, which had grown to more than $110 million, according to court documents. But in March of this year, Hankey served a notice of default sending the property toward a foreclosure sale. Niami borrowed $82.5 million from Hankey Capital in 2018 to continue building the home. An aerial view of 105,000 square foot mansion dubbed "The One." Nile Niami/Instagram ![]()
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