What Is Real Estate Tycoon Mohamed Hadid’s Net Worth?

Mohamed Hadid's net worth

Mohamed Hadid is a Palestinian-born real estate developer. As the father of supermodels Bella and Gigi Hadid and former husband of Yolanda Hadid Foster, his career has been defined by remarkable achievements and occasional controversy. Mohamed Hadid has an estimated net worth of $5 million, much lower than the millions he earned due to financial and legal issues.

What are Mohamed Hadid's sources of income?

Hadid has built his net worth mainly through high-end real estate development. Through his company, "Hadid Development," he has undertaken ambitious projects worldwide. The company's portfolio encompasses the construction of luxurious resorts, houses, condominiums, and commercial properties, often located in some of the most prestigious areas, including Bel Air, Beverly Hills, Aspen, Paris, and suburban Virginia. His bold business model has proven to be highly profitable for him, contributing substantially to his growing fortune.

Mohamed Hadid's financial issues and bankruptcy

The Bel-Air development disaster marked a significant and tumultuous chapter in Mohamed Hadid's real estate career. His purchase of a hilltop plot in 2011 for $1.9 million was marred by ongoing controversies and legal battles. Strong resistance from neighbors, who believed the proposed plans were excessively large for the area, set the stage for a series of violations. The ensuing lawsuit from neighbors, alleging that the mansion was four times the permitted size and built on an unstable hillside without valid permits, led to city intervention.

In a Los Angeles courtroom on November 15, 2019, Hadid's lawyers made the startling declaration that he lacked the means to fund the demolition of the problematic Bel-Air mansion, which was facing legal obligations. With upfront fees totaling $500,000 just to initiate the demolition process, his lawyers stated that Hadid simply couldn't afford it. What was surprising is that a few months earlier, he had spent $4.5 million on a new home. Furthermore, in 2010, he had sold a personal property to the Malaysian fugitive Jho Low for $17.5 million. In a turn of events, Mohamed's real estate company eventually filed for bankruptcy on November 27, 2019, citing debts ranging from $10 to $50 million. This included debts owed to various entities, such as a design and management company, a demolition company, and plumbers.

In a written declaration, he attributed his dire financial situation to the project's long-standing stigma, personal harassment, and the adverse impact it had on his life, leaving his reputation tarnished and his ability to secure additional loans in tatters. At 72 years old, he explained that although he may have substantial "paper assets," they were heavily encumbered by loans, leaving him with little liquidity to finance the necessary demolition. His plea for financial relief would ultimately prove challenging as the bankruptcy filing was eventually dismissed.

Mohamed Hadid's assets

Hadid has been involved in developing and selling luxurious properties, including "Le Belvedere" in Bel Air, which he sold for $56 million in 2018, and "The Crescent Palace" (Le Palais) in Beverly Hills, which was sold for $33 million in 2013. His developments often boast extravagant features like roof gardens, wine cellars, movie theaters, and more.

Mohamed Hadid's Social Media following

Mohamed Hadid's personal life

Mohamed Hadid has experienced both fame and controversy. His marriage to Yolanda Hadid Foster of "The Real Housewives of Beverly Hills," and his high-profile divorce, which included a cash payment of $3.6 million, several properties, and expensive cars, have been widely covered in the media.

FAQs

What did Mohamed Hadid do before real estate development?

Before getting into real estate, Mohamed Hadid restored classic cars and ran a nightclub in Greece.

Did Mohamed Hadid participate in the Olympics? 

Yes, he competed in speed skiing at the 1992 Winter Olympics, representing Jordan.

Has Mohamed Hadid been on TV?

Yes, he has appeared on "The Real Housewives of Beverly Hills," "Shahs of Sunset," and "Second Wives Club" on E!.