Mohamed Hadid, father of supermodels Gigi and Bella Hadid, and prominent real estate mogul has just sold a very controversial mansion that is ultimately poised to be demolished as soon as it's purchased. The mansion is valued at $45 million, but was sold for just $8 million due to the fact that it has to be torn down immediately. On top of the hefty purchase price, the new buyer will also have to invest another $5 million in the demolition of the structure. This investment is worth it for the new purchaser, as the property itself is in a very desirable region. The Daily Mail reports that the property is located on Strada Vecchia Road in the “sought-after” Lower Bel Air neighborhood, and the custom build options can easily include sweeping views of the city as well as the canyon.
Not many people would invest $8 million into a property that will require another immediate $5 million investment... with the end result being rubble and and no actual structure whatsoever. Yet this is precisely what the new buyer is getting themselves in to.
Mohamed Hadid had a very different plan in mind for this land. Originally, he was building his dream home on the property, and it remains there on the grounds, half built at this time.
During the construction phase, there seemed to be some sort of disconnect between Mohamed and his architect, and the building which was already in progress suddenly became the center of controversy.
The architect himself declared his fears over the instability of the mansion. He wasn't satisfied with the construction requests, and felt that ultimately Mohamed's structural design 'will slide down the hill and kill someone.'
Mohamed fought the case in California's Supreme Court, in an effort to continue forward with the design of the mansion, but the judge ruled that the building was already deemed to be a "clear and present danger" to his neighbors.
The 30,000 square foot mansion that is partway through construction sits precariously unfinished atop a hill, and by all accounts remains unstable and incomplete.
The new owner will be responsible for the immediate demolition of the structure as part of the sale agreement for the land.
Interestingly, according to Daily Mail, "attorneys for neighbors who had filed a civil lawsuit against Hadid, 72, had asked for a receiver to be appointed to take over the demolition of the house. That receiver would charge Hadid an upfront fee of $500,000. However, Hadid moved on to purchase a multi-million dollar home in Beverly Hills, at the same time that his attorney insisted he did not have the necessary funds to complete this agreement. Hadid then promptly filed for bankruptcy.
Sources: Daily Mail, New York Post