(Stock photo, property rendering not represented)
By Katherine Clarke | Wall Street Journal
It was slated to be one of L.A.’s most palatial spec homes, spanning around 100,000 square feet with 19 bedrooms. Then its developer, Mohamed Hadid, ran afoul of his lenders and filed for Chapter 11 bankruptcy protection at the Beverly Hills Post Office project.
Now, the roughly 27-acre site is hitting the market for $68 million, and proceeds of the sale will be used to satisfy creditors, according to J. Michael Issa, a turnaround specialist who is now managing Treetop Development, the company through which Hadid owned the property.
Hadid, father of models Gigi and Bella Hadid, didn’t respond to a request for comment. “This was supposed to be [Hadid’s] jewel,” said Gene Bush of Coldwell Banker Realty, who is co-listing the property with colleague Jade Mills.