The idea was simple: Nile Niami would build and sell The One, the biggest and most extravagant new home in the country. Then things went sideways.
“This isn’t just a regular home to sell, so there’s certain steps you need to take to be able to deal with a home like this,” said Perkins, chief executive of turnaround specialist. “It starts with money, and working out a deal to be able to execute [all] that is probably the top priority right now.”
Attorney John Tedford, a partner at Danning Gill in Los Angeles who worked for a client involved in another foreclosure dispute with Hankey Capital, said the bankruptcy case was unusual because it involved a single-family residential property with a value more typical of commercial real estate. If Crestlloyd makes interest payments on Hankey’s debt — which it may or may not be required to do — that also would be a factor the judge would consider in making that decision, he said.
Englanoff, a Los Angeles-area physician and longtime investor in Niami’s developments, accused Hankey of trying to take ownership of the mansion at a rock-bottom price by buying it himself at the auction, or take all of the proceeds if it was sold to a third party.delayed the auction until Oct. 27Hankey previously told The Times that he had tried but failed to come to an agreement with Englanoff.
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