Bankrupt real estate mogul Mohamed Hadid has had nearly $200 million taken off the asking price of his most ambitious home in an effort to pay off his creditors.
The palatial 103,000-square-foot home in Beverly Hills is expected to be the most expensive home ever sold in California, with an asking price of $250 million.
But the father of supermodels Gigi and Bella Hadid has watched helplessly as his half-built crown hits the market for just $68 million.
“He was going in the right direction with it, 100 percent,” real estate agent Gene Bush told DailyMail.com.
“Unfortunately that’s the way it is with real estate: you win some and you lose some.”
Renderings show what the mega-mansion will look like when completed
Renderings of the building show a visible outdoor seating and fitness area
Famous faces: Mohamed, father of supermodel daughters Gigi and Bella Hadid, bought the plot in 2018, but work has progressed slowly
Hadid, 74, bought the 27-acre property on Cedarbrook Drive five years ago with plans for a 19-bedroom home in addition to a 22,000-square-foot guest house.
Each building would have its own bowling alley, while the main building would feature a 36-person home theater, Turkish bath, wine cellar with tasting room, hot yoga room and a 6,000-square-foot garage with two car turntables.
But construction 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, fearing it would slide down the hill and would crush the neighbors below.
Contractors who came in to demolish it had to remove it piece by piece from its precarious hillside location because Hadid abandoned construction plans to double it in size.
Sahara Construction boss Paul Ventura told DailyMail.com that it took ‘multiple layers of safety’ to take it apart.
“Because the original builder did not build it according to plans, much of the demolition work is exploratory,” he added.
“We’re not sure what we’ll find if, for example, we knock down a wall or some other part of the structure.
A rendering shows the private road built to access the enormous mansion
What was supposed to be California’s most expensive home now resembles a slum after construction halted
Realtor Gene Bush said only the foundation and part of the roadway have been built so far
A rendering shows the sprawling Beverly Halls property before construction
Heavy machinery is on display throughout the 80-acre site at 9650 Cedarbrook Drive
“We have to carefully break down the walls down to the steel girders to see what’s there.”
The Bel-Air behemoth, dubbed the “Starship Enterprise” because of its shape, would feature a 70-seat IMAX theater with a sleek glass facade and a wraparound infinity pool.
Hadid was sued by neighbors Joe Horacek, 80, his wife Bibi, and John and Judith Bedrosian, with the two couples ultimately fighting in court for four years and an estimated $9 million in legal fees.
Their battle with the Palestinian-American tycoon came to a head 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, it’s all behind me now,” Hadid said at the time.
“I wish the people who bought it the best of luck and I wish them the best of luck with whatever they build in its place.
“I have other projects I’m working on now.”
What Could Have Been: A mock photo shows what Hadid’s Bel-Air property would have looked like when it was finished, with a very modern and sleek glass facade and a wraparound infinity pool
Hadid planned elaborate sculptures for the grounds of his now-destroyed beautiful mansion. The real estate mogul had plans to include a 70-seat IMAX theater and a massive wine cellar, which were not part of the original plans
This was as far as his Bel-Air mansion went 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 to demolish it, hoping they could recoup the money through a future resale and a special tax break.
The precariously situated mansion on a hill had to be carefully dismantled for fear that it would fall on its 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 in the sales text.
‘This exceptionally private 27.5 hectare property is located on a private promontory just above Beverly Hills.
‘The views are unparalleled, stretching all the way to the Pacific Ocean and taking in majestic hills, rugged canyons and millions of lights in the city below.
A long, enclosed and elevated driveway provides access to the property, which, when completed, will harmonize with the natural environment and eliminate the lines between the indoor and outdoor living spaces.”
“Each floor is primed to maximize the enjoyment of the views with enormous floor-to-ceiling windows and numerous glass doors leading to outdoor patios, terraces and vanishing edge pools.”
But he didn’t want to be swayed by the question of 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 coming in, everyone has different finishes they want to put into it.
‘At the moment only the foundations and part of the roadway have been built, so it is still in the early stages.
“But it has a beautiful view, a great location, it’s going to be spectacular.”