Nile Niami, the brash real-estate developer known for his over-the-top megamansions, has placed one of his high-priced spec homes in bankruptcy, the Wall Street Journal reported. A company controlled by Niami filed for bankruptcy protection for a home the developer built in West Hollywood, records show. The property first came on the market for $55 million in early 2019, but the price was later reduced to $39.995 million. The property isn’t currently publicly listed for sale. The filing values the property at $30 million, and lists the company’s total liabilities at $59.244 million. Niami was facing the prospect of a foreclosure sale at the property, records show. In April, a limited-liability company tied to Canadian investor Lucien Remillard, one of his lenders and a longtime partner, filed a notice of default on the property.
