Mohamed Hadid Insists He's Not Running Out Of Money Following Company's Bankruptcy
Earlier this week, it was noted by multiple outlets that Mohamed Hadid, the father of Gigi and Bella Hadid, and also the ex-husband of Yolanda, saw his business file for bankruptcy following the revelation of massive debt and construction issues with his Bel-Air mansion.
TMZ claims the entrepreneur and developer may be in denial regarding the recent report that his company had to file for bankruptcy over his Bel-Air mansion project which was described by neighbors as the most illegal thing ever created.
The father of Gigi and Bella was hanging out in Beverly Hills on Saturday night when a paparazzo asked him whether or not it was true he had gone bankrupt. Initially, Hadid appeared a little confused by the allegation, because, according to TMZ, the paparazzo managed to get some of the facts wrong.
TMZ was the first to reveal that it wasn't actually Mohamed who had filed for bankruptcy, but rather, his company named 901 Strada LLC.
Earlier this week, it was noted by several publications that the father of the world's most famous models owed in between $10 and $50 million on account of his failed business venture. Last month, a judge ruled that the company responsible for the creation of a massive mansion in Bel-Air was a danger to surrounding neighbors.
The court sided with those who sued Mr. Hadid, stating that not only was the building a danger to the community, but it was also built on an unstable hill and wasn't meeting the safety requirements of the area. Hadid hoped to sell the mansion for $100,000,000, however, the court ordered him to tear it down.
Reportedly, for Mr. Hadid to tear down the house would cost half-a-million dollars. In the clip shared by TMZ, however, Hadid appears to be completely uninterested in the idea of getting rid of the mansion after spending millions building it.
As it was noted above, Gigi and Bella are the daughters of Mohamed and Yolanda Hadid. Mohamed's ex-wife, Yolanda, has appeared on reality television series such as The Real Housewives franchise.