Photo: Astrid Stawiarz / Getty Images
The Israeli real estate mogul Mohamed Hadid , from 72 years and who is the father of Bella and Gigi Hadid , finally was able to get rid of the mansion of his dreams that ended up becoming his worst nightmare, after the California authorities ordered him to demolish it for posing a danger to their neighbors in Bel-Air and for violating building regulations.
The property, which had a value of $ 50 million dollars , was recently traded by the septuagenarian for only $ 8.5 million , that is, a value well below what he invested.
The news of the sale was released by the New York Post portal, where it was detailed that the house is already under contract, being a matter of time before the operation is made official.
“Mohamed Hadid has just found a buyer for his mega mansion that is being demolished ”, Reported the New York media.
The identity of the brave buyer, who will inherit all the problems of his former owner, has not yet been revealed, but it would not be wonder that it came to light as soon as he signed his signature.
In addition to the $ 8.5 million that he will give to Mohamed Hadid, the new owner will also have to allocate close of $ 5 million dollars for the demolition of the imposing building of 30, 000 square feet.
So far it is unknown what will be built on the site or what will be the fate of the immense land of 1.2 acres of extension .
Thus began the tycoon’s nightmare
Hadid’s problems started when she decided to build more square footage than allowed in her original architectural project. The house would originally be 15, 000 square feet, but doubled in size without approval from authorities.
Your act with the Bel Air Strada Vecchia , as the house is known, caused the annoyance of its neighbors, who argued that its construction represented a danger for their houses, for which its demolition was ordered .
In order to save time and to avoid continuing to spend his fortune on a project that was going nowhere , the tycoon declared, on November 3, 2020, in bankruptcy before the Supreme Court of California , arguing that it did not have sufficient financial solvency to carry out the demolition of its megaproject.
“I have no current or foreseeable potential to finance the demolition, neither now nor ever ”, argued Hadid at the time, eg ro his sayings did not convince the lawyers of his neighbors.
With the closing of the negotiation at the door, the annoying neighbors will already be able to be calmer, because they finally managed to for which they fought so much.
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