Real Estate Mogul Mohamed Hadid in Financial Quagmire

With his property lowballed at a court-ordered auction and his Starship Enterprise crashing to earth, Hadid is up the creek
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If there are two ways to go broke, gradually and suddenly, it looks like Beverly Hills real estate mogul Mohamed Hadid has chosen the gradual process. Hadid—father of supermodels Bella and Gigi—is sinking deeper into a financial pit over two major events that have had him bleeding money.

Last week, a court-ordered bankruptcy auction for a 66-acre parcel of land Hadid owned in the hills overlooking Los Angeles yielded only $34 million, instead of Hadid’s lawyer’s idea of a fair price, $130 million. Hadid had been planning a “lavish hotel-size development” on the lot, according to Page Six, with stables for horses, a helipad, and 11 mansions. The Hadid-controlled companies that own the land filed for bankruptcy protection last year.

Perhaps best known for the doomed Bel Air mansion, nicknamed “the Starship Enterprise” by neighbors, Hadid planned a host of over-the-top features, including a 70-seat IMAX theater, a wine cellar to house thousands of bottles, and a Turkish bath. These amenities never ended getting zoning approval by the city. In 2017, Hadid pleaded no contest to misdemeanor charges related to zoning-law violations and was sentenced to pay fines and perform 200 hours of community service.

Last month, teardown began on the 30,000 square foot Starship Enterprise.

Russell Linch, who told Page Six he worked with Hadid for more than 15 years, claimed that he saw Mohamed cutting corners on the Bel Air property.

“When I started with him he wasn’t that way, but I wasn’t paying that much attention to city permits,” Linch said. “He got bolder and bolder as he got these massive loans and his ego just exploded.

Mohamed’s daughter, Bella, meanwhile is on the cover of this month’s Vogue, where she recalls her father letting her and her sister spend the weekend in his empty mansions waiting to be sold. It felt like a “borrowed life,” she said. She said she felt connected to her father, although didn’t see him frequently.

“My dad didn’t grow up with a lot at all, so to be very grand with everything he does—this was his way to make his father in heaven proud,” she told the magazine. Of the empty-mansion sleepovers, she said, “At that age I didn’t understand it. I just knew that being in his houses wasn’t super comfortable for me.”


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