Auction of 'The One' — L.A.'s biggest new mansion — delayed amid allegations of a power grab
LOS ANGELES — 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.
"The One," a 105,000-square-foot unfinished mansion once marketed for $500 million, had been set to be sold to the highest bidder Wednesday. The auction was scheduled after developer Nile Niami's limited liability company, Crestlloyd, defaulted on $106 million owed to Hankey's real estate lending arm.
But a Los Angeles County Superior Court judge delayed the trustee's sale until later this month after lender Joseph Englanoff alleged that Hankey reneged on an agreement to have the house completed and sold by real estate brokers, and instead was
