What is Mohamed Hadid's net worth? Gigi and Bella's father accused of lying that he has 'no funds' to pay $5M
Billionaire Mohamed Hadid, the father of supermodels Bella and Gigi Hadid, was ordered to demolish his $50 million Bel Air, California, mega-mansion after the California Supreme Court declared the home a “clear and present danger” in June. And on Tuesday, November 3, the real-estate developer went back in court, claiming he’s now too broke to pay the roughly $5 million it will take to dismantle the property.
According to documents gathered by the Daily Mail, Hadid claimed that he has “no funds” and will suffer severe financial distress if he loses $60 million on the extravagant property, a large portion of which he pleaded no contest to three criminal charges concerning unlicensed construction. He added that he still owes $15 million in court rulings against him, and that he’s had to “drastically downsize” from a 48,000-square-foot home to a “modest” ranch-style home because of his financial losses. He also claimed that he made no money from the products he or his daughters have lent their names to after his daughters’ eyewear brand failed in the market.
But according to lawyers for the neighbors who are currently suing Hadid for cash damages for the years-long “nightmare” he’s put them through, Hadid’s claims are “blatantly and intentionally deficient”. The neighbors have also accused him of “concealing his finances to avoid being called to task”. Hadid earlier charged one of these neighbors, Joe Horacek, for drumming up public interest in the case, saying, “This guy had nothing to do except me. I am his life. He is obsessed.” He also claimed that the judgment against him and his new mansion was a “political lynching” based on his celebrity, race, and religion, adding, “They’re racist. Absolute racist. There is something beyond the normal that has happened here. I know that I’m 100%, and I want to write about it.”
However, according to the Daily Mail, Horacek’s wife, Bibi, said, “Hadid is a convicted criminal. It is not about ethnicity or religion. It is about his criminal conduct. He needs to stop blaming my husband for Hadid’s own illegal acts.”
Hadid is a high-profile real estate broker who was born in Palestine but moved to the States with his family to start a new career and build a new life for himself. His eye for property and finding apt owners for them, has really helped him to become the leading national leader in this field. LEFToye reported it to be $400 million. However, in stark contrast, Celebrity Net Worth said his net worth was $5 million in 2019.
Mohamed owns Hadid Development which focuses on high-end real estate projects around the world. Hadid Development builds resorts, houses, condominiums and commercial projects mainly in Bel Air, Beverly Hills, Aspen, Paris and suburban Virginia. The firm is unique because it takes enormous financial risks to build a massive mansion from scratch without having a client/buyer lined up in advance.