Mohamed Hadid sells his half-built Bel Air mega-mansion for $8.5million to buyer who wants the land after he was ordered to demolish it by the city of Los Angeles
- Hadid, the father of supermodels Gigi and Bella Hadid, has sold the home for $8.5 million after he was ordered to demolish the estate over safety concerns
- A purported billionaire, Hadid had argued in court in 2019 that he was so broke he could not afford the $5million it would take to tear it down
- His own architect had said he was worried the building 'will slide down the hill and kill someone'
- California's Supreme Court rejected the real estate tycoon's appeal to review his case to overturn the decision to tear the home down last summer Mohamed Hadid has sold his half-built Bel Air mega-mansion that is being demolished after he said he had 'no funds' to pay to tear it down.
Hadid, the father of supermodels Gigi and Bella Hadid, has sold the home for $8.5 million after he was ordered to demolish the estate over safety concerns, the New York Post reported.
The gargantuan property, which had increasingly become an weight around Hadid's neck, had mushroomed over a decade of construction into a $50 million estate, according to various reports of its value.
Hadid, a purported billionaire, had argued in court in 2019 that he was so broke he could not afford the $5million it would take to tear it down after his own architect said he was worried the building 'will slide down the hill and kill someone.'California's Supreme Court rejected the real estate tycoon's appeal to review his case to overturn the decision to tear the home down last summer - calling the property a 'clear and present danger' to his neighbors.
The property is being offered as a receivership sale. The current structure will be demolished by the receiver, following close of escrow at no additional cost to the buyer,' the home's listing reads.
Hadid, the father of supermodels Gigi and Bella Hadid, has sold the home for $8.5 million
Hadid, a purported billionaire, had argued in court in 2019 that he was so broke he could not afford the $5million it would take to tear it down
His own architect had said he was worried the building 'will slide down the hill and kill someone'
California's Supreme Court rejected the real estate tycoon's appeal to review his case to overturn the decision to tear the home down last summer
The home is being demolished 'at no additional cost to the buyer,' the home's listing reads
Judge Craig Karlan is seen inspecting Mohamed Hadid's half built mega mansion in Bel Air
The half-finished mansion is situated on Strada Vecchia Road in the 'sought-after' neighborhood of Lower Bel Air and is surrounded by some of the city's 'most celebrated estates,' the listing reads.
Hadid had started out building the mansion, on spec - without a buyer arranged - about 10 years ago, reports Los Angeles Magazine.
The listing called it 'a rare opportunity to build a world class estate featuring views of the city and surrounding canyon.'
The home is located near the exclusive Bel Air Country Club as well as' the world-renowned restaurants and boutiques of downtown Beverly Hills.'
Attorneys for neighbors who had filed a civil lawsuit against Hadid, 72, had asked for a receiver to be appointed to take over the demolition of the house.That receiver would charge Hadid an upfront fee of $500,000, according to Hadid's attorney Bruce Rudman.
Rudman said in 2019 that his client can't even afford that sum.
'He doesn't have the money,' he added.
Ariel Neuman, attorney for the neighbors who want the giant 30,000 sq ft 'eyesore' torn down, scorned Rudman's claim that Hadid is broke.
'It's amazing to me because he (Hadid) just bought a multi-million home in Beverly Hills,' Neuman told the court.
'We don't accept this explanation. We don't accept Mr. Hadid's word for anything.'
Broke billionaire Mohammed Hadid surfaces after alleged claim by his attorney that he doesn't have $500,000
Gigi Hadid, Mohamed Hadid and Bella Hadid attend the Victoria's Secret After Party at the Grand Palais on November 30, 2016 in Paris, France
Rudman argued that Hadid could get bank financing to knock the house down and build another on the same site - which would cost about $30 million - but only if the city's Building and Safety Department would guarantee permits to build the new house, something the city refused to do.
He said: 'With just the current house demolished and no permits for a house to be built in the future, the bank would foreclose (on the current loans Hadid took out to build his colossal mansion) and the property would have to be sold.'
Gigi Hadid and Bella Hadid attend the LOVE & YouTube LFW party in 2019 in London
Rudman added that Hadid could also get bank financing to pay the $1-$2 million for retro-fitting the mansion's current support piles which Hadid's own structural engineer, Carl Josephson, found are deficient because they were not driven deep enough into the bedrock.
But again, the city rejected the developer's proposal of retro-fitting the support piles, saying the problem can only be solved by tearing down the whole building to get to the piles and replace them.
'If these piles failed and if this house came down the hill, I am positive in my mind that it would inflict severe damage on the (neighbors') properties below, if not destroy them,' a judge had said, noting that he was 'struck' by the 30-40 degree steepness of the hill on which the house sits.
'Are these piles structurally safe? What would happen if there was a 6.0 earthquake?'
Rudman had insisted that while the house's foundation does not comply with building codes, 'the building is not unsafe'.
No comments: