Bella and Gigi Hadid’s father Mohamed Hadid has been accused of lying after he claimed he’s facing a huge $60 million loss over his controversial Los Angeles mega-mansion. He was ordered to demolish the property after the Supreme Court declared the home a “clear and present danger.” The 71 years old real estate agent claims to owe $15 million in court judgments against him and has had to ‘drastically downsize’ from a 48,000 sq ft home to a more ‘modest’ ranch-style property.
As per the recent development, Mohamed has now claimed that he is too broke to pay the roughly $5 million it will take to raze the property. According to media reports, he claims that he hasn’t made any money from the caviar and champagne products that carry his name, and his famous daughters’ eyewear line – also using the Hadid brand – has gone belly up.
According to a report published by Daily Mail, Mohamed Hadid has said that he will face serious financial distress if he loses $60 million on the property. He also said that he still owes $15 million in court judgments against him and that he’s had to “drastically downsize” from a 48,000-square-foot home to a “modest” ranch-style property because of the state of his finances. The report also added that Hadid is now concealing his finances to avoid being called to task.
Mohamed Hadid’s ‘I’m broke’ statement came after Judge Craig Karlan ordered him to produce by a court hearing held Tuesday which is a positive proof that he doesn’t have the money to pay the estimated $5 million cost of demolishing the giant house at 901 Strada Vecchia Road.
What’s your take on Mohamed’s claims? Do let us know via comments and stay tuned to Koimoi for further updates.