For Millennials. By Millennials.
Thanksgiving 2019 did not turn out well for Jordanian-American property tycoon, Mohamed Hadid. According to some sources, the father to models, Bella and Gigi Hadid has gone bankrupt. The news came after his company, 901 Strada LLC, applied for reorganization in the court.
Earlier this week, Yolanda Hadid’s spouse and father to super famous Hadid sisters, filed for bankruptcy in the federal court. TMZ and the Daily Mail acquired the documents. They state that Mohamed Hadid is $10 to $50 million in debt. The reason? Construction of his 30,000 square-foot Bel-Air mansion.
Mohamed Hadid took this step after a neighbor put in place a motion against the construction. He called it Hadid’s Bel-Air mansion:
The most illegal structure ever constructed in Los Angeles.
New York Daily News obtained a copy of the complaint against the father of Anwar Hadid, Bella and Gigi Hadid. It states:
[The neighbors] are in constant fear of the hillside collapsing. Their home values are crippled, and their privacy and serenity are invaded by the illegal and unsightly structure looming above them.
Reporters also share some details present in the court document submitted by Mohamed Hadid. It includes some facts and figures that have reportedly left Mohamed Hadid bankrupt.
The company is over $386,000 in debt to a design and management company. Over $200,000 in debt to a building materials company and owes over $93,000 to a demolition company as well as over $35,000 to plumbers.
Looks like the Hadid’s dream house is at stake. The lawsuit will go on trial in March of 2020.
Danaknator will keep you updated on the subject.