Bankrupt property tycoon Mohamed Hadid has seen almost $200 million knocked off the asking price of his most ambitious home, in a bid to pay off his creditors.
The palatial 103,000 square foot house in Beverly Hills was expected to be the most expensive home ever sold in California with a $250 million asking price.
But the dad of supermodels Gigi and Bella Hadid has watched on helplessly as his still half-built crowning glory hits the market for a mere $68 million.
‘He was heading in the right direction with it, 100 percent,’ the home’s realtor Gene Bush told DailyMail.com.
‘Unfortunately that’s how real estate goes, you win some you lose some.’
Renderings show what the mega mansion will look like when completed
An apparent outdoor seating and gym area is seen in renderings for the property
Famous faces: Mohamed, the father of supermodel daughters Gigi and Bella Hadid, purchased the plot in 2018 but work proceeded slowly
Hadid, 74, bought the 27-acre site at Cedarbrook Drive five years ago with plans for a 19-bedroom home alongside a 24,300-square-foot guesthouse.
Each was to have its own bowling alley while the main building was to feature a 36-person home theater, a Turkish bath, a wine cellar with a tasting room, a hot yoga room and a 6,000 square foot garage with two car turntables.
But building work closed nearby nature trails and infuriated neighbors and the project came to a halt when Hadid filed for bankruptcy in June 2021.
By then he had also been ordered to demolish a $100 million mega-mansion he was building across the valley in Bel Air amid fears it would slide down the hillside and crush neighbors below.
Contractors called in to demolish it had to remove it piece by piece from its precarious hillside location because Hadid had ditched the building plans to double it in size.
Sahara Construction boss Paul Ventura told DailyMail.com that ‘multiple layers of safety’ were needed to take it apart.
‘Because the original builder did not build it according to the plans, a lot of the demolition work is exploratory,’ he added.
‘We’re not sure what we’re going to find when we, say, take down a wall or another part of the structure.
A rendering shows the private road built to access the massive mansion
What was supposed to be California’s most expensive home resembles a shanty town after building work ground to a halt
Realtor Gene Bush said only the foundations and part of the roadway have been built so far
A view shows the sprawling property in Beverly Halls before construction
Heavy machinery can be seen on the 38-acre site at 9650 Cedarbrook Drive
‘We have to carefully take down the walls to the steel supporting beams to see what’s there.’
Dubbed the ‘Starship Enterprise’ due to its shape, the Bel-Air behemoth was to feature a 70-seat IMAX theater, sleek glass frontage and wrap-around infinity swimming pool.
Hadid was sued by neighbors Joe Horacek, 80, his wife Bibi, and John and Judith Bedrosian, with the two couples ultimately spending four years and an estimated $9 million in legal fees fighting in court.
Their battle with the Palestinian-American tycoon came to a climax in September 2021 at the end of a civil trial when a Santa Monica jury awarded the Horaceks and the Bedrosians a total of $2.9 million.
‘I’ve moved on with my life — that’s all behind me now,’ Hadid said at the time.
‘I wish the people who bought it well and I wish them well with whatever they build there in its place.
‘I have other projects I am involved with now.’
What could have been: A mocked up photograph shows what Hadid’s Bel-Air property would have looked like when it was finished, revealing an uber modern and sleek glass frontage and wrap-around infinity swimming pool
Hadid planned elaborate sculptures for the grounds of his now-destroyed magnificent mansion. The real estate tycoon had plans to include a 70-seat IMAX theater and a huge wine cellar that were not part of the original plans
This was as far as his Bel-Air mansion got before he was ordered to tear it down
Sahara Construction purchased the property for $8.5 million and agreed to pay the $5 million in costs for knocking it down, in the hope that they could make the money back through a future resale and a special tax break
The precariously sited hillside mansion had to be delicately dismantled amid fears it would topple down on neighbors
Mr Bush of Coldwell Banker Realty described the Beverly Hills home as ‘truly once in a lifetime and one of a kind’.
‘This unparalleled property is destined to be the ultimate representation of style and success,’ he wrote on the sales blurb.
‘This exceedingly private 27.5-acre compound is set on its own promontory just above Beverly Hills.
‘Views are unmatched, extending to the Pacific Ocean and spanning majestic hills, rugged canyons and millions of lights in the city below.
A long, gated and elevated driveway accesses the property, which, when complete, will harmonize with the natural setting and erase lines between indoor and outdoor living spaces.’
‘Each floor is poised to maximize enjoyment of views with massive floor-to-ceiling windows and countless glass doors leading to outdoor patios, decks and vanishing-edge pools.’
But he was reluctant to be drawn on how much a buyer will have to spend to complete the project.
‘This was supposed to be [Hadid’s] jewel,’ he explained.
‘It depends on the different developers that come in, everyone has different finishes they want to put in there.
‘Right now there’s just the foundations and part of the roadway built, so it’s just in the beginning stage.
‘But it’s got great views, great location, it’s going to be spectacular.’
Read More: World News | Entertainment News | Celeb News
247
