Want to learn more about the fight behind Bel-Air's most extravagant mega-mansion? ldarmiento has you covered
A planned foreclosure auction of the largest modern home in the country has been delayed after billionaire lender Don Hankey was accused of maneuvering to take control of the troubled Bel-Air project and leave other debt holders out in the cold.
“Although it is not anticipated that the sale of The One will generate $500 million it is certainly believed to be able to generate at least $225 million,” Englanoff wrote in his declaration. “With a potential sales price of $225 million all secured debt would be paid and even [the developer] would net proceeds.”
In court papers, attorneys for Hankey Capital said the company’s actions were legal and noted there is nothing preventing Yogi from bidding for the house itself. However, Hankey negotiated a deal with Remillard to be the senior lienholder in exchange for making his $82.5-million loan, which was needed to help finish the project. That deal puts Inferno next in line for proceeds ahead of Englanoff’s Yogi. There is other smaller debt attached to the property, as well as money owed to contractors.
Hankey would then be in a position to do what he wants with the property, including proceeding with a traditional sale that might possibly bring in more than $200 million. “What sort of Brinks truck is going to pull up with a briefcase full of cashier’s checks for over one hundred million bucks?” he quipped.
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