|Net Worth:||$5 Million|
|Date of Birth:||November 6, 1948 (74 years old)|
|Profession:||Real estate entrepreneur|
What is Mohamed Hadid’s Net Worth?
Mohamed Hadid is a Palestinian-born real estate developer who has a net worth of $5 million. High-end real estate developer Mohamed Hadid is best known for being the father of supermodels Bella and Gigi Hadid.
He is also renowned for having been the ex-husband of Yolanda Hadid Foster, a former cast member of “The Real Housewives of Beverly Hills.”
In his line of work, Mohamed is a renowned real estate developer, having built a number of Ritz Carlton hotels and enormous mansions around the globe.
Early Life/Career Beginning
Mohamed Hadid was born on 6 November 1948 in Palestine. As a teenage boy, his family relocated to the United States of America. At first, he had the intention of exploring more art before he later had a change of mind.
He started out his career in Washington D.C. where he contributed to the construction of single-family homes and apartment complexes for residents. The construction of Ritz Carlton hotels in Houston, New York, Aspen, and Washington, D.C., led to his eventual financial success.
Currently, Mohamed is the owner of “Hadid Development,” which specializes in ultra-high-end real estate developments globally.
According to court records, Mohamed Hadid had to forfeit many residences and pricey vehicles when he divorced Yolanda, paying her $3.6 million in cash as a divorce settlement.
Mohamed built Le Belvedere, a residence in Bel Air, in 2010. In 2018, he auctioned the house for $56 million. He built The Crescent Palace, commonly known as Le Palais, a residence in Beverly Hills between 2011 and 2012, and he put it up for sale for $58 million.
It was sold to the daughter of an ex-dictator of Uzbekistan in 2013 for $33 million.
Bel-Air Development Disaster
Mohamed spent $1.9 million in 2011 to purchase a hilltop site in Bel-Air. Following the filing of building plans, he immediately encountered fierce opposition from neighbors who thought the plans were simply too big and intrusive for the neighborhood and plot.
The first phase of the 40,000-square-foot mansion that would eventually be built by Mohamed was called “Starship Enterprise” and he built half of it.
According to reports, the construction disregarded the initially approved designs and broke numerous city laws.
In 2017, neighbors demanded that he completely demolish the mansion in a lawsuit. Soon after, the city intervened and gave him instructions to demolish some of the buildings.
The FBI looked into claims that Hadid bought the building by offering a bribe to one of the city officials.
The City officials commanded Hadid to completely demolish the mansion in November 2019 after deciding that the building could not be salvaged.
On November 15, 2019, Hadid made an appearance in a courtroom in Los Angeles, where his attorneys informed the judge that he was financially unable to demolish the property.
Mohamed’s irate neighbors were perplexed as to how he could be insolvent after spending $4.5 million on a house.
For the record, he sold a residential residence to Malaysian wanted fugitive Jho Low for $17.5 million in 2010.
Mohamed’s real estate firm filed for bankruptcy on November 27, 2019, stating debts of between $10 and $50 million.
According to the paperwork, Mohamed owes plumbers $35,000, a design and management business $386,000, and a demolition company $93,000.
The Bel Air mansion’s demolition is forecast to cost over $5 million in total, necessitating a $500,000 down payment, forcing the bankruptcy. Mohamed claims to not have $500,000. Sadly for Hadid, the bankruptcy petition was actually dismissed by the court.
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