Mohamed Hadid Net Worth - Pulptastic

May 2024 · 4 minute read

What is Mohamed Hadid’s Net Worth?

Mohamed Hadid, a Palestinian-born real estate developer, has a net worth of $5 million. He is known for his high-end developments, including Ritz Carlton hotels and mega mansions around the world. Hadid is also recognized as the father of supermodels Bella and Gigi Hadid and the ex-husband of former “Real Housewives of Beverly Hills” star Yolanda Hadid Foster.

Mohamed Hadid’s Career Trajectory

Mohamed Hadid was born in Palestine but moved to the United States as a child with his family. He initially wanted to pursue a career in art, but he eventually realized that building walls in mansions could be more lucrative. He started his career in Washington D.C., where he helped develop residential apartment buildings and single-family homes.

Hadid’s big break came when he developed Ritz Carlton hotels in Houston, New York, Aspen, and Washington D.C. This venture made him a wealthy man and helped cement his reputation as a successful developer.

Mohamed Hadid’s Real Estate Empire

Mohamed Hadid is the founder of Hadid Development, which builds ultra high-end real estate projects around the world. The company focuses on building resorts, houses, condominiums, and commercial projects in exclusive locations such as Bel Air, Beverly Hills, Aspen, Paris, and suburban Virginia. Hadid Development is known for taking financial risks by building mansions from scratch without having a buyer lined up in advance, a model that has proven to be lucrative for the company.

In addition to his real estate ventures, Hadid also returned to his art roots and opened his own gallery in Beverly Hills. However, his personal life has not been without controversy. When he divorced Yolanda, court documents revealed that he paid his ex-wife $3.6 million in cash and had to give up several mansions and expensive cars.

Hadid’s most notable real estate projects include Le Belvedere in Bel Air, which he sold for $56 million in 2018, and The Crescent Palace (also known as Le Palais) in Beverly Hills, which he listed for sale for $58 million. The 48,000 square foot Crescent Palace features 11 bedrooms, a library, an art gallery, a 3800 square foot roof garden, a 5000 bottle wine cellar, and a 40 person movie theater. It sold in 2013 for $33 million to the daughter of a former dictator of Uzbekistan.

Mohamed Hadid’s Controversial Bel-Air Mansion Ordered to be Demolished

In 2011, Mohamed paid $1.9 million for a hilltop plot of land in Bel-Air. After filing development plans, he immediately received strong resistance from neighbors who felt the plans were too large and overbearing for the area and plot. Mohamed proceeded to build half of what would eventually be a 40,000 square-foot mansion that earned the nickname “Starship Enterprise”.

The construction allegedly violated many city codes and ignored the plans that were originally approved. The original plans called for an 11,300 square foot home, with a maximum height of 30 feet. The structure he built was 82 feet. He built a 70-seat underground IMAX theater without permits or approval, and an underground level with multiple bedrooms without permits or approval, among many other violations.

Neighbors filed a lawsuit in 2017 demanding he tear the mansion down entirely, alleging that the structure was roughly four times the allowed size and built on unstable hillside without valid permits. The city soon stepped in and ordered him to tear down parts of the structure. The FBI investigated allegations that Hadid bribed at least one city official to get the structure built.

In November 2019, after determining that the structure was not salvageable, city officials ordered Hadid to tear down the mansion entirely.

Mohamed Hadid Claims Bankruptcy, Unable to Tear Down Illegal Mansion

Mohamed Hadid, real estate developer and father of supermodels Gigi and Bella Hadid, appeared in a Los Angeles courtroom on November 15, 2019, stating he did not have the funds necessary to tear down his illegal Bel Air mansion. His lawyers argued that he could not afford the $500,000 upfront fee required to begin the demolition process, leaving the mansion standing despite a court order to remove it.

Neighbors were outraged by Hadid’s claim of being broke, as he had recently purchased a $4.5 million home and had sold a personal property for $17.5 million in 2010. However, Hadid’s bankruptcy filing on November 27, 2019, revealed he owed significant debts to various companies, including a design and management company, demolition company, and plumbers. The total cost to demolish the Bel Air mansion was estimated to be over $5 million, a fee Hadid claimed to not have the funds for.

Hadid’s real estate company filed for bankruptcy, citing debts between $10 and $50 million. However, the bankruptcy was ultimately dismissed. In a written declaration, Hadid stated that the project had been personally devastating and had tarnished his reputation. At 72 years old, he claimed to not have the millions needed to fund the demolition of the Bel Air mansion, as most of his assets were tied up in loans.

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