Real estate tycoon Mohamed Hadid files Chapter 11 bankruptcy

Real estate tycoon Mohamed Hadid, the father of models Gigi and Bella Hadid, has declared Chapter 11 bankruptcy in California on behalf of his company, court papers show.

The 71-year-old developer’s attorney, Bruce Rudman, submitted the voluntary filing Wednesday on behalf of 901 Strada LLC, according to the papers. The Daily Mail was the first to report the news.

The LLC is attached to Hadid’s 30,000-square-foot Los Angeles semi-built home, which an L.A. Superior Court judge recently deemed dangerous and ordered torn down, according to the report.

Mohamed Hadid was not mentioned in the bankruptcy papers, other than providing his name, signature and title as “managing member.” Court documents classified 901 Strada, and in turn, the massive property, as being worth between $10 million and $50 million.

The construction of the property has received intense criticism and even law enforcement attention over allegations that the home – or at least parts of it – was illegitimately built, the outlet reported. Mohamed Hadid previously pleaded no contest to charges in connection to the alleged illegal construction. He is now serving three years of probation.

Mohamed Hadid has four daughters – Marielle, Alana, Gigi and Bella – and a son, Anwar.

Source
https://www.foxbusiness.com/money/bella-hadid-gigi-hadid-mohamed-hadid-bankruptcy

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