Financially troubled real estate developer Mohamed Hadid, known for being the father of supermodels Gigi and Bella Hadid, has once again filed for bankruptcy, this time over a high-stakes property in Beverly Hills. In an exclusive interview with The Post, Hadid claimed he is the “victim” of a predatory lender, leading to his latest bankruptcy filing.
!-- JalewaAds - Ad Display Code --> The ongoing legal clash involves Hadid and real estate mogul Zach Vella, both familiar faces from Bravo's reality TV shows. Their dispute centers on a $31 milli loan from Vella’s Skylark Capital to Hadid's Tree Lane LLC in 2018 for developing a four-acre plot in a celebrity-filled Beverly Hills enclave. The property, known as Bella Vista Estates, has remained undeveloped six years after the loan agreement was signed.
Hadid, 74, a Palestinian born in Nazareth, Israel, and an outspoken critic of the Jewish state, accused Vella of halting funding and creating a financial trap. "I believe I was a victim and now I have to fight my fight," he said.
Hadid's fifth bankruptcy filing in Los Angeles in five years was a move to prevent what he describes as a land grab by Vella.
!-- JalewaAds - Ad Display Code --> The legal filings reveal that Vella only disbursed $21.4 million of the promised $31 million, with over $13 million allocated to fees and Hadid’s existing debts. Hadid alleges this was part of a "loan-to-own scheme" by Skylark.Vella and his attorney did not respond to requests for comment. However, Skylark’s lawsuit against Hadid accuses him of "outright theft" and being a "fraud," asserting that Hadid's public image as a wealthy developer was a facade.
Despite the ongoing feud, Hadid continues to patronize high-profile Beverly Hills establishments, often accompanied by young women.
!-- JalewaAds - Ad Display Code --> Court filings from Skylark emphasize Hadid’s need to maintain a wealthy persona, suggesting ulterior motives behind his high-profile lifestyle.The legal saga has also implicated Hollywood stars Ashton Kutcher and Mila Kunis. Hadid claims Vella secretly negotiated with them to develop the Summitridge property, undermining his own plans for a 30,000-square-foot mansion featuring luxury amenities such as infinity pools, a spa, and a home theater.
In the midst of his financial woes, Hadid has sought an emergency loan of $7.7 million to make urgent repairs on the Summitridge property and explore new financing options.
!-- JalewaAds - Ad Display Code --> If fully developed, the property could be worth up to $85 million, potentially resolving the financial crisis, Hadid claimed.The judge has yet to decide on the emergency loan request, and the bankruptcy case remains ongoing. This legal battle adds to Hadid’s troubled history of high-profile real estate ventures, including a $100 million Bel-Air mansion ordered to be torn down in 2019 due to safety concerns.
As Hadid continues to fight his financial battles in court, the outcome of his feud with Vella remains uncertain. Whether his claims of being victimized by predatory lending hold weight in court will be closely watched by the real estate and legal communities.
!-- JalewaAds - Ad Display Code -->
Post a Comment
0Comments