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The bankruptcy auction for one of the largest mansions in the United States was pushed back three weeks to allow more time to attract potential purchasers of the home, which has a $295 million asking price, Bloomberg News reported. Bankruptcy Judge Deborah J. Saltzman granted an extension of the auction for the Los Angeles home known as “The One” last week after a number of would-be buyers needed more time to visit the property, according to court papers filed Friday and attorney David Golubchik of Neale, Bender, Yoo & Golubchik, who is representing the property’s developer. The online bankruptcy auction is now scheduled for Feb. 28 to March 3, and the transaction’s closing, which is subject to court approval, is set for March 21. The no-reserve auction of “The One” was originally slated to occur the second week of February with a final closing date of Feb. 28. Creditors Yogi Securities Holdings and Inferno Investment Inc. filed objections to the plans earlier this month.

A 105,000-square-foot mansion in Bel Air, Calif., dubbed "The One," could become the most expensive property to sell in the U.S. when it hits the auction block next month, CNN.com reported. The hillside property, which spans over a sprawling 3.8 acres, will be listed on January 7 at an eye-watering $295 million, with an online sale held February 7 to 10 via Concierge Auctions. From its elevated perch, the home boasts 360-degree ocean and alpine views as well as ones of downtown Los Angeles. Taking around a decade to complete, The One is being marketed as the first and only residence of its size in Los Angeles, thanks to new regulations passed in the city during its development that now limit the size of single-family homes, to reduce the number of so-called megamansions being developed. The property's developer, Nile Niami, aimed "to build one of the finest properties across the globe," Kirman said. But bringing the property to market has not been without its issues. CNN reported this past September that the property's value was once estimated at $500 million, and that the owner defaulted on more than $100 million in loans and debt, according to court documents. Over the summer, the home was placed in court-ordered receivership for complicated real estate deals, an alternative to foreclosure, to pay its debts.

Former Colts linebacker Gary Brackett is putting his Super Bowl XLI ring, as well as his AFC Championship rings, up for auction, the Indianapolis Star reported. Brackett, who played for the Colts from 2003-2011, formerly owned the Stacked Pickle restaurant. He filed for bankruptcy in September. The 41-year-old closed his Stacked Pickle locations in 2020 due to the pandemic. The bankruptcy filing estimated his assets at $2 million and his liabilities at nearly $5.8 million. The restaurant had nine Indiana locations and one in Ohio. Brackett won the Super Bowl Feb. 4, 2007, with the Colts against the Chicago Bears 29-17.

A U.S. bankruptcy judge yesterday approved the $62 million sale of Limetree Bay refinery to a Jamaican oil storage company that intends to restart the refinery, Reuters reported. Private equity investors had poured $4.1 billion into reviving the aging U.S. Virgin Islands facility, which was shut down by U.S. environmental regulators after a botched restart earlier this year. West Indies Petroleum, along with Port Hamilton Refining and Transportation, was named the winning bidder on Saturday by Limetree after a second auction was conducted over the weekend. If the company does not complete the sale in January, the refinery can be purchased by backup bidder St. Croix Energy LLLP, who raised their bid from $20 million to $57 million last weekend. At the refiner's request, Judge David Jones reopened the auction in early December because the chief executive officer of West Indies Petroleum had a medical emergency prior to the first auction. St. Croix Energy objected to the second auction being held. Both West Indies Petroleum and St. Croix Energy want to restart the refinery, which is currently being investigated by the U.S. Department of Justice after releases of hydrogen sulfide and sulfur dioxide during a restart in early 2021 sickened St. Croix residents. The Environmental Protection Agency filed a limited objection on Sunday in order to establish "sale order language" with West Indies Petroleum establishing environmental liability in the refinery's consent decree. The United States also sued Limetree Bay in July seeking injunctive relief under the Clean Air Act that includes requiring the refinery to "eliminate any imminent and substantial endangerment to human health, welfare, and the environment prior to restart of refinery operations."

Sean “Diddy” Combs agreed to pay $7.5 million to buy back the bankrupt fashion brand he founded in 1998 after winning a court supervised auction, Bloomberg News reported. “Seeing how streetwear has evolved to rewrite the rules of fashion and impact culture across categories, I’m ready to reclaim ownership of the brand, build a team of visionary designers and global partners to write the next chapter of Sean John’s legacy,” Combs said in an emailed statement. The label is currently owned by the bankrupt brand manager GBG USA Inc. GBG made 85% of its money by selling clothing and footwear through retailers like Costco, TJ Maxx and Nordstrom, according to court documents. GBG had sold most of its other assets before the Sean John auction. Combs, bidding through an entity called SLC Fashion, agreed to pay $51,000 more than the next highest offer, Before the sale can close, GBG must get approval from the judge overseeing its bankruptcy in Manhattan.