Controversial developer Mohamed Hadid is building a $ 250 million mansion in Beverly Hills on Spec

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Mohamed Hadid is best known as the father of supermodels Bella Hadid and Gigi Hadid. When he doesn’t produce particularly attractive daughters, Mohamed is a real estate developer. His specialty is building huge villas in the world’s finest neighborhoods. For example, in 2010 Mohamed developed a house in Bel Air which he called “Le Belvedere”. In 2018 he sold the house for $ 56 million.

He next developed a house called “The Crescent Palace” in Beverly Hills, which he put up for sale for $ 58 million. This house was sold to the daughter of a former dictator of Uzbekistan for $ 33 million in 2013. He also developed some real Ritz Carltons in the United States (Washington DC, Houston, and Scottsdale). So “Ritzy” is a good word to describe his evolutionary taste.

Unfortunately, Mohamed has been the center of a real estate disaster in Bel Air in recent years.

(Photo by Dimitrios Kambouris / Getty Images)

Here is the very brief backstory of what happened in Bel Air:

In 2011, Mohamed paid $ 1.9 million for a property on top of a hill in Bel Air. After he submitted his plans, the neighborhood basically exploded. Mohamed’s plans were for him to build a 15,000 square meter mansion with a maximum height of 9 meters. Mohamed went on to build a 30,000 square foot, 82 foot tall mansion. He also reportedly built a 70-seat IMAX underground theater and a multi-bedroom underground floor without a permit or permit. He had hoped to sell the house for $ 100 million. He called the mansion “Strada Vecchia”. Neighbors called it “The Starship Enterprise”.

Not so fast!

Neighbors filed a lawsuit in 2017 calling for the entire villa to be demolished. A month later, the City of Los Angeles filed papers to prosecute him for the mansion.

In 2019, Hadid City officials ordered the house to be demolished. Not a part of it. Not the part that exceeds his permits. The whole structure.

Easier said than done.

The cost of the demolition was estimated at $ 5 million and Mohamed was asked to immediately pay a $ 500,000 bail.

Surprisingly, at this point, Mohamed filed a statement with a Los Angeles judge claiming he could not even afford the $ 500,000 deposit. Hadid’s statement allegedly states:

“I have no current or foreseeable potential to fund the demolition now or ever… There are no funds available… I will lose this property.

Later in the statement, he added:

“I’m going to lose over $ 60 million between my personal investment and the guarantees I’ve given various lenders … My reputation is tarnished and my ability to borrow money is broken at best. In summary, I’m 72 years old . ” old and don’t have the millions of dollars it takes to demolish Strada Vecchia. “

With that in mind, you (and his Bel Air neighbors) may be surprised to learn that Mohamed put a partially developed mansion in Beverly Hills up for sale earlier this week. The asking price?

$ 250 million

That would be for the finished connection. It is currently still in a very early stage of development.

If you want to buy the property after the foundation has been poured, you can do so at the low price of …

$ 92 million

When the house is finished it will have 80,000 square feet of living space. It will be the largest home ever approved in Los Angeles. The mansion is being built on a 38-acre property at the end of a cul-de-sac on a private road on a hill.

The guest house will be 26,000 square meters.

The main house will be 52,000 square meters.

Here’s a concept video in case you’re in the market:

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