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My parents both died in 2019. My brother and I are joint executors. We do not get on at all as he is an unreasonable person who wants total control.

Although we are both joint executors he refused to let me have any input into our parents’ funerals and went as far as to not invite me to my father’s wake then not advise me when our mother went into hospital and died, and not invite me to her funeral.

Last year, he failed to turn the water off and a ceiling collapsed in our parents’ home. He also failed to insure the property so it was not covered.

Inheritance dispute: My brother is blocking the sale of the home our late parents left to us both (Stock image)

Inheritance dispute: My brother is blocking the sale of the home our late parents left to us both (Stock image)

He had all the bank accounts and financial details so I was unaware there was no insurance.

I have since insured the property and went to clear the property and arranged for it to be valued and auctioned. Due to the water damage the agents felt this was the best way forward.

I did this as his solicitor had contacted mine saying he wanted me to take the lead role as he was ill. I had my solicitor write to state I was prepared to do so.

The moment I had viewings ready for the auction he phoned the agent and was very abusive telling them to remove it from sale as he would not agree the sale and would never allow me to have probate.

I have had probate granted in my sole name now since August, but my solicitor has told me I cannot go ahead and sell the property as my brother will still be required to agree.

My children are also beneficiaries though very small gifts (which I could settle personally).

What do I do about my solicitor who is not responding to my emails to move the estate along and have it settled.

The main part of the inheritance is the property which has been left jointly between my brother and I.

I am in my 60s and am currently selling my home to move to be closer to my children.

It would make sense for me to buy my brother out but I doubt he will agree. He currently lives off benefits which he will lose if he inherits money.

I have no income which he is aware off and I imagine that he feels powerful by trying to make my life financially difficult.

Can I move into my parents’ home and take possession as when I sell my property I will effectively have no home though I would be able to buy him out.

What can I do to remove my brother as an executor as I have asked my solicitor and he said that unreasonable behaviour is not enough to have him removed.

I feel am at stalemate and need this matter resolved as my partner was diagnosed in the last couple of years with a rare and incurable cancer so I do have other matters to deal with.

Tanya Jefferies, of This is Money, replies: This is a dreadful position to be in with your only sibling after losing both your parents.

I really sympathise with you, and understand why you feel you have reached an impasse with your brother, your late parents’ estate and your current solicitor, especially at a time when you must be worried sick about your partner.

To sort through your options and hopefully help you find a way out of this, we asked an experienced lawyer to respond to you below.

Gary Rycroft, partner at law firm Joseph A Jones & Co, replies: I am struck by how difficult this situation must be for you, especially as it has arisen from a double bereavement.

Your brother not involving you in the end of life care for your parents and later their funerals is truly awful for you and I am sorry you have had to endure all that, especially when your own partner is not well.

Gary Rycroft:  Whilst the Grant of Probate is in your sole name, you can in effect ‘call the shots’

Gary Rycroft:  Whilst the Grant of Probate is in your sole name, you can in effect ‘call the shots’

In terms of the current legal situation, the issue of magnetic importance and the factor that will allow you to make progress, is that you have obtained the Grant of Probate in your sole name.

I note you and your brother were both named as executors, but the fact he declined to take out the Grant of Probate and asked you to take the lead means his role has been side-lined.

When executors step aside they either ‘renounce’ which means they give up the role of executor entirely and may not revert or they ‘have power reserved’ which means they step aside, but can ask to step up again in the future.

From what you say, it sounds like your brother has had ‘power reserved’. I say this because your solicitor is of the view he still has some kind of standing you should take into account.

However, either way, whilst the Grant of Probate is in your sole name, you can in effect ‘call the shots’ and decide on how to deal with the assets in the estate.

To be clear any decisions you make must be fair to all the beneficiaries and not self-serving. Nevertheless you do have the legal authority to decide what to do next.

If the bank accounts have still to be closed, you should get on and do that and pay the closing balance into a separate executors account either held by your solicitor in their client account or in an account in your sole name, separate from your personal cash.

Any legacies not yet paid (such as to your children) should be paid.

As executor you have a legal duty to insure and maintain the house. You should fund this from cash in the estate, or if there is no available cash, pay yourself and keep a record so the estate can refund you.

A fundamental decision is whether to sell the house and split the proceeds between you and your brother or you move in and pay him out.

As sole executor named on the Grant of Probate you can decide. Your brother would only have just cause to complain if you did something unreasonable, or otherwise in your best interests and contrary to his.

STEVE WEBB ANSWERS YOUR PENSION QUESTIONS

       

To mitigate the risk of your brother having any valid complaint against you in your role as executor you should therefore be entirely transparent about what you wish to do and why.

This may be you telling him in writing (so there is a record) that you have to sell the house to pay off the liabilities of the estate and/or because it is deteriorating and you need to preserve the value of the estate as best you can by disposing of the wasting asset.

Or it may be you telling him in writing you wish to move in and buy him out at a fair price (say based on three separate valuations).

Crucially as the executor named on the Grant of Probate you may sign the legal documents to sell or transfer the house and his signature is not required.

I note your lawyer has said otherwise, but based on the facts you have given in your question, I disagree on that point.

Your duty is to keep your brother informed, take into account his wishes (if they are reasonable) and not do anything to cause the estate or him as beneficiary loss.

My view is that the most straightforward approach is to sell the house on the open market. That way the true value of it will be ascertained and achieved so the scope for arguing later you bought him out at an undervalue will be neutralised.

I note your brother has previously tried to disrupt the sale process by ringing the estate agents.

This behaviour is not justified and I would head it off by explaining to any estate agent you appoint that you are the sole executor named on the Grant of Probate (show them the document to verify this) and say only you have authority to give them instructions.

Estate agents are not shrinking violets and should rise to the challenge to ensure your brother does not upset the process and prevent them from getting their commission.

Your solicitor is correct that removing an executor is not a straightforward process, but in this case that appears to me to be an academic question as your brother has not taken out the Grant of Probate.

So, I would not waste energy and expense looking into that.

You seem to be frustrated by some of the advice your solicitor has given you.

It would be unprofessional of me to pass comment without seeing the full correspondence file, but certainly if the lawyer/client relationship is not working for you, politely terminating his or her services, paying the reasonable charges incurred up to date and seeking alternative legal advice strikes me as a sensible move.

For me the most perplexing aspect of this case is your brother’s motivation for being so difficult.

You mention he is on benefits and I surmise that is the key. I suspect he wants the estate to remain unadministered because once it is wound up, he will have to declare the capital he has inherited.

If you were able to communicate and co-operate there may be ways in which his fears here could be allayed by mutual agreement.

For instance, selling your parents’ house and your brother using his share to immediately buy somewhere for himself may preserve some of his income from benefits because in that case the balance of capital in his bank/building society accounts may not increase as much as he fears.

Yes he would lose his housing benefit but that saving to the state would not be a direct loss to him as he would still have a roof over his head and even better it would be a place he owned.

It may be unrealistic for me to think you and your brother will be able to collaborate and if so, I hope the rest of my answer makes clear that from a legal point of view, his ‘permission’ about how to best administer the estate is not required because you are the executor named on the Grant of Probate and as long as you fulfil that role with integrity you may proceed as you judge fit.

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Entrepreneur could be in line for huge payout after hiring advisers to work on £100m sale of online pet food business










An entrepreneur could be in line for a huge payout after hiring advisers to work on a £100million sale of his online pet food business. 

City sources said the owner of upmarket PetLab – Chris Masanto – is working with adviser Raymond James on a ‘strategic review’, which could lead to a sale. 

Food for thought: PetLab specialises in healthy pet foods such as probiotic pet chews, prebiotic dental sticks and salmon bites for dogs

Food for thought: PetLab specialises in healthy pet foods such as probiotic pet chews, prebiotic dental sticks and salmon bites for dogs

PetLab specialises in healthy pet foods such as probiotic pet chews, prebiotic dental sticks and salmon bites for dogs. 

Bankers said a deal might value PetLab at £100million to £150million – and private equity firms may be looking to buy a stake in the firm, which was set up three years ago. 

The move follows several similar deals amid growing appetite among pet lovers to feed their pets higher quality food. 

In 2020, Nestle bought Lily’s Kitchen while Forthglade was recently sold to Nordic private firm IK Investments.

PetLab did not return calls for comment.

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We may still be in January but the race is already under way in the 2022 housing market — and for canny sellers, there’s no time to lose. 

The average asking price of property coming to market across the UK since the New Year is £341,019, according to Rightmove. 

That’s 7.6 per cent more than a year ago and is the highest annual rate of price growth recorded by the property website since 2016.

But some analysts say we’re nearing the top of the market.

Boom time: The average asking price of property coming to market across the UK since the New Year is £341,019, - 7.6% more than a year ago

Boom time: The average asking price of property coming to market across the UK since the New Year is £341,019, – 7.6% more than a year ago

‘House price growth may start to tail off,’ says Jason Tebb, chief executive of another property website OnTheMarket. 

‘It remains the best time in two decades to sell, but it could be argued that it is better to do so sooner rather than later.’

On top of that, a cost of living crisis led by anticipated soaring energy bills and higher inflation means the economy may be in better shape now than at any time for the rest of this year.

So if you’re in a hurry, choosing the right agent is essential. Here are our top tips for doing just that:

Showing what you’ve got

‘If your home has unique features, choose an agent with the best photography and marketing — for example, drone footage if it’s near countryside.

If it is in an area filled with similar properties, such as townhouses, find out which agent is getting the highest price and focus less on flashy marketing,’ says Claire Coode, of Stacks Property Search, a buying agency.

Quiz friends

Find out from neighbours, friends, family members and workmates who have recently sold, which agents and companies in the area performed well, and which didn’t.

Check credentials

Sold! An agent hands over the keys

Sold! An agent hands over the keys

Nathan Emerson, chief executive of Propertymark — a trade group — says the best quality agents are likely to be those who have qualifications and join a professional body even though neither is mandatory.

‘Having an agent that’s qualified and a member of a body shows a voluntary drive and professional commitment for keeping standards and knowledge high,’ he says.

Put them to the test

When you ask for a market appraisal or valuation of your home, you’ll probably be visited by a senior professional from the agency, but you may never see him or her again during the sales process.

So Alex Lyle, director of London estate agency Antony Roberts, suggests trying a new tactic: ‘Ask a friend or family member to mystery shop the office to get a feel for how good the team is.’

Shortlist the best

Don’t necessarily invite every agent in your area to pitch for your business, but do ask at least three good ones. 

They should tell you the good and bad points about your property, explain a marketing strategy and suggest an asking price.

When deciding which three to invite consider checking comparison websites like GetAgent.co.uk or the estate agent comparison tool ea4me.hoa.org.uk operated by the HomeOwners Alliance, a consumer group.

Ask Questions

Feel free to ask how the agent operates. Iain McKenzie, chief executive of The Guild of Property Professionals, suggests these: ‘What’s your strategy to obtain best price? What network or associated offices do you work with?

 How effective has your marketing been for other homes in the area? How will you keep me fully up to date?’

Check the fees

The average fee is now 1.2 per cent of the sale price plus VAT. For a £500,000 home that’s a fee of £6,000, plus £1,200 VAT, payable when the sale is completed.

There are big regional variations ranging from just 0.75 to 3 per cent plus VAT — agents operating in London and big cities, and those selling the largest properties, typically charge the highest fees.

And check out the agents’ conditions for Sole Agency (where one agent has the exclusive right to sell your home for an agreed period) or Multi Agency (where several agents market your home).

Online vs traditional

Despite bargain basement fees, online agents have never won more than 10 per cent of the market share.

The weakness of some online firms is in chasing through a deal — once an offer is made, a good High Street agent will have staff and time to chase conveyancers, surveyors and mortgage firms plus all the other sellers in a property chain. Most online agents don’t have the resources to do this.

Small print

Typically a contract with an estate agent is for 12 or 16 weeks. That’s often plenty of time to find a seller but if you don’t succeed, you can’t move to another agency until the term has expired.

On the market… for a quick sale

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I’m stuck in my leasehold flat due to cladding issues in the block. I can’t sell due to the prospect of a bill for remediation works, which include ‘unsafe cladding, flammable balconies and missing cavity barriers’. 

Will Michael Gove’s new proposals help me? LB

Leaseholders face fire safety bills of hundreds of thousands of pounds following the cladding scandal (pictured: Cladding victim and campaigner Sophie Bichener)

Leaseholders face fire safety bills of hundreds of thousands of pounds following the cladding scandal (pictured: Cladding victim and campaigner Sophie Bichener)

MailOnline Property expert Myra Butterworth replies: Cladding issues have made life a misery for leaseholders across the country.

Many are facing the real prospect of bankruptcy due to fire safety repair bills that can run into hundreds of thousands of pounds per flat.

The issue is that the owners are unable to sell the properties until the buildings are proved to be safe, leaving those who would like to move them stuck in their homes and also seeing monthly bills rise, as they are potentially unable to remortgage. 

Leaseholders have cautiously welcomed the housing secretary’s recent statement that they were ‘trapped’ and that it was time to protect them and make ‘industry pay’.

At the same time, Michael Gove, the Secretary of State for Levelling Up, Housing and Communities, announced: ‘We will scrap proposals for loans and long-term debt for leaseholders in medium-rise buildings and give a guarantee that no leaseholder living in their own flat will pay a penny to fix dangerous cladding.’

However, the current reality for many of these flat owners is that they still face massive bills to cover interim fire measures running into thousands of pounds.

Tom Beak, a solicitor at law firm Kingsley Napley, replies: The short answer is maybe. However, I’m afraid there are ‘ifs’ and ‘buts’.

First, Michael Gove’s announcement did not introduce new legislation, it merely set out an intention to negotiate with developers and invite them to contribute to the latest remediation fund, specifically for ‘medium rise’ buildings.

Mr Gove hopes to have agreed a fully-funded plan of action by March, but if negotiations stall it is currently not clear what measures will be taken to force a solution on the developers concerned or indeed how long this will take.

Second, the focus of the new proposals is to cover the outstanding cost of remediation of unsafe cladding to buildings 11 to 18 metres tall. So if your building falls in that range you may benefit in due course. If it is over 18 metres, you must continue to rely on pre-existing policies.

If your building is less than 11 metres, I’m afraid you remain outside the scope of Government-led financial support. In fact, at present, there are no solutions proposed for buildings that are declared unsafe but are less than 11 metres tall, hence such buildings are likely to remain unmortgageable making it impossible for leaseholders to sell.

Unfortunately, if your building falls within this category, the new proposals only offer the hope that the Government’s change in advice on building safety assessments encourages lenders to relax their position and return to lending on such properties.

It may also not be plain sailing if your block is ‘medium rise’. We await details of the precise eligibility criteria as to how the fund will be allocated. Despite the suggestion that ‘all leaseholders’ will be protected, previous policies have contained strict eligibility criteria for access to funds, so it is possible that not all buildings between 11 and 18 metres tall will qualify.

Of course, until we know that Mr Gove’s negotiations with developers are successful, there is no guarantee that the proposed remediation fund of £4billion will be available at all.

Other fire defects, such as flammable balconies, missing cavity barriers and replacing faulty fire doors are not covered 

Finally, the proposed remediation fund is designed to remove ‘unsafe cladding’ only. 

So, while you may well benefit from assistance with the cost of remedying the cladding issues on your building, other fire defects, such as flammable balconies, missing cavity barriers and replacing faulty fire doors are not covered. 

This is in keeping with previous policies, which have been criticised for providing partial solutions and making buildings ‘half safe’, with innocent leaseholders footing the remainder of the bill to remedy safety defects.

On the plus side, however, it is worth noting that the Government has scrapped its previous solution for 11 to 18 metres tall buildings that consisted of a long-term, low-interest loan for leaseholders. This would have added to leaseholders’ debt, rather ensuring that the ‘polluter’ pays.

In addition, Mr Gove’s announcement introduced fresh funds to cover common alarm systems on buildings that continue to use a waking watch.

This will be on top of the existing Waking Watch Relief Fund. Mr Gove also intends to enter discussions with the insurance sector to reduce insurance premiums that have soared in the wake of this safety crisis and to issue new proportionate guidance on building safety assessments. T

he hope is that this encourages the market and changes the ‘cautious approach’ adopted by buyers and lenders – which according to Mr Gove often ‘goes beyond’ what is necessary. Whether this is effective remains to be seen.

So while Mr Gove’s new proposals are a step in the right direction, much uncertainty remains. Provided that the proposed remediation fund can be realised swiftly and applied without unduly onerous eligibility criteria, it is surely a better solution than the previously proposed loan scheme.

However, it is likely that many leaseholders will continue to foot the bill for interim safety measures and struggle to sell their homes, until the practical effect of the changes are realised.

Without further, targeted policy or an extension of the remediation fund to cover fire safety defects beyond cladding, these defects will likely continue to be funded by leaseholders.

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America’s priciest palace – a 105,000-square-foot Bel-Air megamansion with five swimming pools, a 30-car garage, a bowling alley and a ‘philanthropy wing’ for charity galas – has been put on the market for a whopping $295 million.

However, the infamous White Elephant estate – which took eight years to build and was once priced at $340 million – has been a titanic money pit since going on sale and falling into foreclosure last year,  and will be put up for auction in February if it doesn’t sell quickly.

If sold for the asking price, the opulent property, garishly branded ‘The One,’ would boast the biggest price tag in U.S. history, surpassing the cool $238 million hedge-fund billionaire Ken Griffin dropped on a Manhattan penthouse in 2019.

America’s priciest palace - a 105,000-square-foot Bel-Air megamansion with five swimming pools, a 30-car garage, a bowling alley and a ‘philanthropy wing’ for charity galas - has been put on the market for a whopping $295 million

America’s priciest palace – a 105,000-square-foot Bel-Air megamansion with five swimming pools, a 30-car garage, a bowling alley and a ‘philanthropy wing’ for charity galas – has been put on the market for a whopping $295 million

The 21-bedroom, 42-bath property was put on the market again Friday after falling into foreclosure last year, after its developer declared bankruptcy

The 21-bedroom, 42-bath property was put on the market again Friday after falling into foreclosure last year, after its developer declared bankruptcy

The infamous White Elephant estate - which took eight years to build and was once priced at $340 million - has been a titanic money pit since going on sale and falling into foreclosure last year, and will be put up for auction in February if it doesn't sell quickly

The infamous White Elephant estate – which took eight years to build and was once priced at $340 million – has been a titanic money pit since going on sale and falling into foreclosure last year, and will be put up for auction in February if it doesn’t sell quickly

But if sellers fail to hock the mega-house by next month, it will likely end up going to the highest bidder, sellers say – which could leave the man behind the mammoth manse in the red.

‘It’s a modern masterpiece,’ said Branden Williams, of The Beverly Hills Estates, who is shilling the property along with Aaron Kirman of the Aaron Kirman Group at Compass. 

‘It’s four acres at the top of a mountain in Bel-Air, and it can never be built again,’ the seller asserted as the property was listed for the second time on Friday.

If sold for the asking price, the opulent property, garishly branded 'The One,' would boast the biggest price tag in US history

If sold for the asking price, the opulent property, garishly branded ‘The One,’ would boast the biggest price tag in US history

A view of the four-lane bowling alley at The One. The megamansion was placed into receivership late last year

A view of the four-lane bowling alley at The One. The megamansion was placed into receivership late last year

The opulent property boasts five swimming pools, situated both inside and outside the shopping-mall-sized complex

The opulent property boasts five swimming pools, situated both inside and outside the shopping-mall-sized complex

With that said, Hollywood producer-turned-developer Nile Niami, 53, who set out on building the house in 2013 with the help of 600 contracted workers, probably wishes it never was. 

During its construction, the home was billed by Niami as the ‘biggest and most expensive modern home in America.’ 

What’s more, the ex-Hollywood exec reportedly was convinced he could secure an asking price of $500 million for the impressive estate – a prediction that would leave the the producer of films like The Patriot and Point Blank hopelessly disappointed. 

Niami hired renowned architect Paul McLean and interior designer Kathryn Rotondi to bring his vision to life on five acres in the hills overlooking Los Angeles, but cost overruns left him in massive debt to the tune of $180 million.

Niami, known as ‘The King of LA mega-mansions,’ filed for Chapter 11 bankruptcy protection for his Crestlloyd company in October, after he defaulted on a $106 million debt owed to Hankey Capital

The palatial estate was subsequently placed into receivership – a form of foreclosure – last year after being listed for $340 million in January of that year. At that point, the home was pulled from auction, after ten months on the market.

If sellers fail to hock the mega-house by next month, it will end up going to the highest bidder, sellers say

If sellers fail to hock the mega-house by next month, it will end up going to the highest bidder, sellers say

The home also houses its own built-in movie theater, which boasts plush leather seats and a massive HD projector

The home also houses its own built-in movie theater, which boasts plush leather seats and a massive HD projector

A view of the dining room with 10,000 bottle wine cellar at 'The One'- a 105,000 square-foot mega mansion in Bel Air

A view of the dining room with 10,000 bottle wine cellar at ‘The One’- a 105,000 square-foot mega mansion in Bel Air

'It’s a modern masterpiece,' said Branden Williams, of The Beverly Hills Estates, who is shilling the property along with Aaron Kirman of the Aaron Kirman Group at Compass

‘It’s a modern masterpiece,’ said Branden Williams, of The Beverly Hills Estates, who is shilling the property along with Aaron Kirman of the Aaron Kirman Group at Compass

A view of the women's walk-in closet in the 4,000-square master bedroom with private pool at The One

A view of the women’s walk-in closet in the 4,000-square master bedroom with private pool at The One

Following the foreclosure, the sale of the home was subsequently blocked until November 29. It finally made its return to the market on Friday – with its price slashed by $45 million. 

Now, insiders familiar with the court proceedings say it will have to sell for at least $200 million just to cover the costs.

If the newly listed property fails to collect that price, lenders will either be forced to sell below the asking price and take a loss or direct the property into further foreclosure proceedings.

It is currently being shown by court-appointed receiver Ted Lanes, who now controls the property and is in charge of finding a buyer and paying off the lenders and other creditors. 

With that said, lenders and brokers say that the property’s second listing Friday comes at an ideal time, with luxury real estate in Los Angeles currently a hot commodity. 

Sales of properties priced at $10 million or more doubled in 2021 compared to 2019, prior to the pandemic, with a total of 312 sales, according to real estate appraiser Miller Samuel.

One of the multiple outdoor pools set in the massive megamansion. A 4,000-square-foot bedroom overlooks the posh swimming area

One of the multiple outdoor pools set in the massive megamansion. A 4,000-square-foot bedroom overlooks the posh swimming area

The one as seen from the edge of its sprawling outdoor area. A pool serves as a de facto moat for this contemporary castle

The one as seen from the edge of its sprawling outdoor area. A pool serves as a de facto moat for this contemporary castle

The vantage from this pool area allows prospective inhabitants an unprecedented view of the city of Los Angeles

The vantage from this pool area allows prospective inhabitants an unprecedented view of the city of Los Angeles

A view of an entertainment room next to the four-lane bowling alley at The One, which boasts an impressive looking bar

A view of an entertainment room next to the four-lane bowling alley at The One, which boasts an impressive looking bar

One of the mansion's multiple kitchen areas is as aesthetically pleasing as the rest of house, and allows would-be tenants an unequaled view of the surrounding Southern California landscape

One of the mansion’s multiple kitchen areas is as aesthetically pleasing as the rest of house, and allows would-be tenants an unequaled view of the surrounding Southern California landscape

The mansion even possesses its own beauty salon, which boasts bright red walls and opaque shampoo stations

The mansion even possesses its own beauty salon, which boasts bright red walls and opaque shampoo stations

And the home itself, boasting 21 bodacious bedrooms and 42 bathrooms, is nothing to sneeze at, even by luxurious LA standards.

Designed by architect Paul McLean and decorated by interior designer Kathryn Rotondi, The structure is surrounded by a moat on three sides and ‘appears to float above the city,’ Architectural Digest wrote last year in a profile of the contemporary castle.  

The mansion even possesses its own beauty salon, which boasts bright red walls and opaque shampoo stations. 

Despite the opulence, McLean and Rotondi, who were enlisted by Niami to construct the structure, said that wanted to create a house that was light, bright, and low fuss. 

‘We wanted to provide that quintessential L.A. living but on a bigger scale. To allow the home to feel livable,’ McLean stated last year. 

Interior pictures show the home features floor to ceiling windows letting in the California sunshine. 

Since it's foreclosure last year, the sprawling estate is currently being shown by a court-appointed receiver who now controls the property and is in charge of finding a buyer and paying off the lenders and other creditors

Since it’s foreclosure last year, the sprawling estate is currently being shown by a court-appointed receiver who now controls the property and is in charge of finding a buyer and paying off the lenders and other creditors

The home boasts a modern feel, as well as a vantage point high up in the hills of Los Angeles' esteemed Bel-Air neighborhood

The home boasts a modern feel, as well as a vantage point high up in the hills of Los Angeles’ esteemed Bel-Air neighborhood

A view of the library at The One, designed by Paul McClean of McClean Design. It also carries a modern aesthetic

A view of the library at The One, designed by Paul McClean of McClean Design. It also carries a modern aesthetic

The estate's guest house, which sits adjacent to the main, 105,000-square-foot property

The estate’s guest house, which sits adjacent to the main, 105,000-square-foot property

The main entrance to the impressive home, as seen from outside its looming walls

The main entrance to the impressive home, as seen from outside its looming walls

The home has been completed with simple, functional furniture and eye-catching contemporary artwork.  

With that said, the property’s defining feature is its 360 degree views, which stretch all the way out to the Pacific Ocean in the west and the San Gabriel Mountains in the east. 

The entirety of Downtown Los Angeles can also be seen from the mansion’s 10,000-square-foot sky deck.  

‘This project felt exciting and simultaneously intimidating,’ McClean told Architectural Digest.  

‘It was approached with excitement and was thrilling to create, but I don’t think any of us realized just how much effort and time it would take to complete the project.’ 

Only time will tell if their efforts will pay off, however, as the clock continues to tick on the already foreclosed property’s prompt sale, with February rapidly approaching.

Niami first purchased the land where ‘The One’ now stands in 2012 for $28 million from Rita Kogan, the late video game heiress and daughter of Space Invaders creator Michael Kogan.

The former producer reportedly took out millions of dollars in loans to fund the lavish project.

Now, more than a hundred million of dollars and a decade later, the home is still unfinished, and a buyer would need to cough up millions – and likely spend months mired in construction – just to make property livable. 

If such a buyer does not surface in the next month, bidding is already slated to take place beginning on February 7, via real estate company Concierge Auctions’ online marketplace.

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