He ruined the hill :( What some of these real estate developers don't seem to understand is that if you ruin the nature of a desirable place, it all of a sudden become a not so desirable place anymore.
Man this guy never stops. First of all, he almost married one of my best friends wife. Yes, lol That's a whole other Video. This is crazy. Why can't these guys just build normal mansions people can afford and do volume. All about ego.
Us men are competitive by nature. Building super large mega mansions is no different than an athlete striving to be the best. It's society that has made men being mediocre and striving for nothing commonplace because that's what the world governments need.
Wow, why doesn’t this surprise me? What I don’t understand is that how could he get loans for this project when he seems to be a serial “bankrupt-er”, honestly I find it hard to believe that he could show such good credentials privately or for his other successful businesses (btw does he have any?) that anyone in their right mind could find him a good investor (it’s maybe just me thinking this, you might see it from a totally different point of view…)… and now that you mentioned, what is the progress on the demolition/re-build of the build you were visiting, is that project progressing?
He bought this one long ago, long before the recent string of bankruptcies. So this is sure to change the future of his real estate developer career. Last I knew, the strada vecchia house I visited was almost 100% demolished. But I don’t think they plan to build a spec there.
@@Real.Estate.Report Thank you for the update:) Would have been so good to see what - in the end - turns out to be the final project at the other site, but suppose it wasn’t meant to be…
When I started at the Bank of Boston straight out of college, the first principle I was taught was "don't let the money out of the door until you are sure how it will come back in." That was in ancient times - 1974. Obviously, it was a principle that fell out of use. This financing on this monstrosity is a nightmare in the making. The problem is that the credit committee that approved it will not be fired or suffer consequences for their poor decision making. Bank management is purely a CYA game now.
I guess if you have the money to build there you better be prepared for the massive cost to maintain a place like that. Living on a hillside has an endless amount of major issues for home maintenance that most people will never know until they live there or have family or friends that clue you in. The normally simple task become much more challenging. Great vid!
Thanks Mike! And I agree on all points. I have never lived on a hillside lot but know a few people who have. And as you say, it’s a never ending stream of maintenance (and in California, fear of wildfires)
Great vid Scott. I did a ~$1.5M project last year and we were 30% over budget and it took an extra 6 months. I can't even imagine the swings that happen in that ultra-expensive category.
@@243wayne1 no excuses? Really? When last year we saw construction materials rise in price ~20% a year during each year of this pandemic. Which is the equivalent to the rise of the last 12 years combined as construction materials reached a 40 year high. Lumber prices went over 60% higher on average and much higher depending on location and materials. Many projects were laid out, planned and budgeted prior to covid or prior to the massive increases In everything. So I don’t think it’s fair for you to tell this guy he messed up his budgeting and to “never” do that.
I don’t know why these developers are building these huge houses that will be over 200 million because the other homes like that didn’t sell at those prices and the developers had to keep reducing the prices and that one house ended up having to be auctioned off.
I don't understand it either. Makes sense to build $20M-$30M homes. There is a higher demand for those. But these $100M+ spec houses are just gambling.
Being a home builder who has rebuilt over a dozen homes in SoCal area, it’s not the size of the home that makes it desirable … it’s the (1) Location (2) design and (3) amenities (pool, bowling alley, garage size, usability of the kitchen, etc. I have never built a 150+ million home, the most expensive home I ever rebuilt and sold was $18 Million. But I would offer my experience and opinions and advice to any builder
If I was one of those neighbors, I would do everything possible to have that build being inspected at every point based on what he did with the now demolished supermansion
".. but somehow Hadib got this project approved..." Let's guess... Money + corruption = permit..? Bribes? "Gifts"? Vacations? Women? Drugs?... Who knows what combination of crimes were committed?
He'll come out fine and dandy. His lifestyle won't change and either will his future projects. Wealthy developers with greed in their egotistical eyes seems to always leave alot of hard working people without getting paid, yet never suffer the consequences of their actions. Bankruptcy shouldn't be so easy for developers of outlandish projects that are sometimes either barely started or unfinished to skirt not paying those who worked hard and for nothing. However, bankers aren't exactly innocent. They see greed, too. Obviously. And will most likely never learn their lesson.
Being an LA native, I am grateful my late father moved our family to OC 55 years ago following the Watts riots. I went back to finish college, returned to OC and never looked back! Los Angeles is a cesspool and it's not going to improve. Even once tony Beverly Hills is no longer safe to live, work or shop! You cannot drive, walk or enjoy a meal there without some element of risk. Watches, handbags are strong armed by thieves, and follow-home robberies of those driving expensive cars has become common. Why live there all? With 65,000 homeless and who-knows-how many criminals prowling the streets, alleys and boulevards, the city is no longer clean nor safe. Violent crime is on the rise and the district attorney,. put into office by Geo. Soros, has no desire to prosecute those who victimize others. Driving a nice car can lead you to becoming a victim. and the same with nice homes, so why bother? Live, work. shop and dine elsewhere. In my view, as a former cop while in college,. LA is ungovernable and beyond repair.!
I've seen the news coverage of LA, from here in Australia, and I wonder about people like Manny Koshbin. He's out driving multi-million dollar cars on the streets, without security... or so it seems. I've seen a video from Producer Michael where he admits to having (and even shows) security with him. It's a damn shame what's happening over there. To think criminals are being released without bail, and without tracking devices, is mind boggling! (Sure, trackers can be cut off, but for a few that would be _some_ kind of deterrent.)
All true, but I feel the homeless get a little bit more blame than they should. Stock boys. security guards, city planning? Only an idiot would put this city together like this, The worst architects /planners are women, The real criminals are employed, Girls can't even dress up without being harassed. Bezos buying Whole Foods got rid of a lot of criminals in LA, Who were employees at,, WHOLE FOODS, OC=Awesome
Niles Niami explained that THE ONE really isn't actually 105,000 square feet. He said it's about 70,000 plus and I can't remember how he got to 105,000
Great video Scott. I guess now that The One is resolved and I can't count on videos dunking on Nile Niami, I'll have to get my giggles elsewhere. This is a good example of something that gives me that.
They had to tear down his own home, because of severe code violations. The house sat on the market for a long time and the price came way down, because the new owners would have to tear it down. It was beautiful, it was on Real Housewives of Beverly Hills 🤣
What a colossal mess this ended up becoming. Thanks Scott. Would be cool to hear an update on that Stratovecchia property. During your walkthrough, they made it sound as if they were going to jump right on that one.
I have trouble understanding what kind of real estate developer he is, he buys a piece of land for peanuts 10 years ago, he barely manages to build a few foundations and he is already bankrupt. Are all these people really rich or is it just appearances? Considering the problems they have and the number of bankruptcies, I can't understand how they still have the right to do business.
Your guess is as good as mine on that one. In the case of Hadid, I do believe him to have amassed significant wealth over his lifetime. He has an impressive real estate development resume. And both his daughters are some of the most famous models on the planet. So the family has money. But he has been gambling it away on these speculative projects. I don’t believe that he is broke, be he has to be walking the line after these back to back financial blows…
This is the same guy who was illegally building a 30,000 square foot, 5 level mansion on a tiny hillside that he was only permitted a 14,000 square foot 3 level home on. He continued to build that monstrosity without the proper permits or inspections, putting the houses below his in danger. Truth be told, the small hillside probably wasn't capable of holding his original 14,000 foot home. He should have been banned from building anything after that stunt.
@@Real.Estate.Report Honestly, I find it hard to believe that if he had as much money as we imagine, he could abandon a project so easily. Especially since he must not have invested much in it at this moment.
The 2008 financial crisis resulting in a tsunami of foreclosures lead to just that. As a result of the crisis companies were formed to buy up distressed properties and foreclosures. These range from hold and sell investments to billion dollar global rental corporations holding entire apartment complexes, condos, and single family dwellings they snapped up for pennies. The next opportunity to take advantage of foreclosures and distressed properties is on the horizon if we can't reverse global inflation before we free fall into a catastrophic, record breaking recession. Everyone needs to prepare themselves now. Cash out to pay off high interest debt before rate rise even higher and start stashing wealth in order to comfortably ride out the recession. If a recession does hit we could be in it for an extended period. Those looking to profit from a housing market crash should not rush to buy what they can't afford to hold for 5 to as long as 10 years. Particularly when purchasing with their own capital and in their own name, versus setting up an LLC to aquire properties with cheap credit. I'm not spamming here. My comment ties into how Hadid is able to file for bankruptcy while safeguarding his own personal assets. The number of mega projects we're seeing going into default could be a sign of things to come. Their demise could be due to increasingly tight restrictions put in place preventing foreign buyers from moving their capital out of their home country. Perhaps it is as simple as trophy complexes falling out of fashion with the global super rich. Or the prices they're asking is simply too much even for multi-billionairs to justify. My bet....a little of all of the above.
WHY WOULD ANYBODY LEND HIM MONEY OR CONTRACTORS WORK FOR HIM WITH HIS TRACK RECORD? HAVE THESE LENDERS MONEY TO THROW AWAY OR CONTRACTORS DESPERATE FOR WORK? IT DOESN'T MAKE SENSE.
Between the drama with this cedarbrook home, strada vecchia, and Franklin canyon… I would be surprised if anybody will be lending him money anytime soon.
@@Real.Estate.Report 🤡Number 45 has been bankrupt 6 times, owes $1bn probably to his friends in Russia & Saudi ... Having lost the election he took 27 boxes of Top Secret documents to sell, too help pay Deutsche Bank the nearly $340 million in loans The Trump Organization have due in 2022 💩
The difference between getting an official to permit a large L.A. property or not might be allowing access to your two supermodel daughters? In L.A. fame matters. Meeting some of the officially most beautiful women on the planet isn't necessarily bribery, is it?
@@bingusdingus4330 No. I am suggesting that in a way he already did. Just as every business person, who has a photo of their family on the desk, does. A family is exploited if it shows the business person to be more stable and able. Having supermodels in the family just gets him more mileage on it. Thus, why so many radical fashions start in blue color worker's families were kids are not needed to subjugate their wishes to the needs of the family image.👠👗💍💄👒🧥👔👞👘🥻 or 🎸🪘⛏🪚🧽🪣🧺🪠🎚🧢
Was looking forward to this one being built. Unfortunate. Hadid really needs to temper his expectations down when doing these spec builds. Too much money even though he has a lot already.
You spend your life working hard to buy your dream house and some privacy then someone wants to build that on top of the hill... Jeez!!! Best wishes from a medieval stone ruin in a French forest. 👍⚒️🌞
I hope he at least has to pay the people back who did the work for him because what these people don't understand is that those guys worked and should be paid for their work and materials of their out on this job it is not fair to them at all and it's not right they've got families to support and so do their employees shouldn't be fair for him to just walk away and not at least be made to pay those debts off and the EPA should come in and get on them for leaving the land like that on that Hill it looks like a landslide waiting to happen
Niles Niami said that THE ONE actual size is ......I think he said between 70-78,000 square feet and he added I believe it was land or something to make it a total of 105,000
This is why I only plan on building subdivisions for the middle class, smaller luxury properties, apartments, condos and retail properties. The market sucks right now though, it's neither a buyers market nor a sellers market here in California.
You've got the right approach. I'm doing the same thing out here. No matter how much I scale my company over the years, I would never put so much money and energy into something as speculative as a mansion like this.
Great video! Richard Saghian can easily scoop this up for cheap and build something iconic. He’s an enthusiast of LA real estate-especially history-making ones.
What is the point of permitting, when these projects get through? This is very destructive of the land, and incredibly wasteful. I'm not even a particular fan of greenness, and this is a perfect example of what gets a pass, while I get harangued by my township about three p's in the toilet, and wipe my dishes with paper towels insteadof washing them.
Might be something the County of Los Angeles would be interested in taking over turn it into a Visitors Center for Park use. Certainly a lot more valuable than these Super Yachts that are now being seized.
developers like Hadid have carved up and destroyed SO MUCH nature in Los Angeles, I'm happy he went bankrupt, I hope he loses everything at some point, he has been a selfish source of headache for the area for years. I have watched Franklin Canyon go from being beautiful unspoiled nature to being carved up with super-houses cutting into the hillsides on all sides of the park over the past 15 years and it should never have been allowed for the super-rich to do what ever they want to make themselves MORE money.
Wow dude, I kno were comparing here but 78k sq ft? 33 bathrooms? C'mon let's get serious folks 🤔, I kno this is wierd but I like to check out ur shirts with these presentations, I mean like these homes you have some nice ones & keep my interest 👍
La Is Separate From Beverly Hills Right they Have Two Different Mayors Council and Engineering Department Permit Departments I Assume Different Rules Correct Me Please
After numerous attempts of buying my first property back in 2005-2006 I finally was able to buy I'm 2011. This was at the bottom of the 2008 crash. I got a great deal and am currently sitting on over 200k on equity, I took some equity out to buy a few more properties. I purchased one for 115k put 70k into it and sold it for 342k in 2017. The point is don't give up and embrace these crashes and corrections. Either you're a wolf or sheep take advantages of these opportunities
I bought my last property in April it was not affordable, however it's a perfect investment I spent $700k and it's worth it, now I'm moving profits from stocks investment to my real estate portfolio.. My strategy is to start with stocks and then move to real time real estate investing
@@avareynolds8720 Exactly I invested heavily in stocks and made enough profit on a year to buy rental units and parking lots and I'm still trading the stock market and my real estate properties which brings in roughly $480k annually
Let me say that there is always someone who is smarter and richer . Besides , as long as he is not personally bankrupt , he can do whatever he wants . He will never use his own money even if he has some!
Why does LA even allow this kind of nonsense to happen? There should be a cap on how big a house can be. Just my own opinion, but 20,000 to 25,000 square feet should be the limit. Anyone can't be satisfied with that, they need to crawl out of their own ass and get some daylight. First Nile Niami and now Mohammed Hadid, who is even shadier than Niami, and that's saying something. Good video.
You can just hope someone buys the hill that will renaturate it and turn it back into a nice hiking trail or something like that. LA doesn't have many green spots anyways, and you could gain some really good PR with a move like that.
We get into that later in the video. My understanding is that its because The One was not actually permitted at 105,000 square feet. A lot of that square footage is illegal and/or not livable (i.e. the club)
@@Real.Estate.Report only had a few minutes so didn't get chance to watch the whole vid. Appreciate the explanation. Shows i need to watch the whole vid before commenting
He ruined the hill :(
What some of these real estate developers don't seem to understand is that if you ruin the nature of a desirable place, it all of a sudden become a not so desirable place anymore.
Man this guy never stops. First of all, he almost married one of my best friends wife. Yes, lol That's a whole other Video.
This is crazy. Why can't these guys just build normal mansions people can afford and do volume. All about ego.
Us men are competitive by nature. Building super large mega mansions is no different than an athlete striving to be the best. It's society that has made men being mediocre and striving for nothing commonplace because that's what the world governments need.
It's all about money... their goal is to come up with the wow factor so they can mark it up with $30M-$50M profit in the end
My heart goes out to the contractors. Hopefully they’ll get paid.
Me too.
Lol sure... They never do!!! I know so manny people who do suicide because of that its a serious problem!!!
I hope the got the Trump treatment 😂
Why do they work more than a month without being paid? Do they also pay for the materials themselves?
Wow, why doesn’t this surprise me? What I don’t understand is that how could he get loans for this project when he seems to be a serial “bankrupt-er”, honestly I find it hard to believe that he could show such good credentials privately or for his other successful businesses (btw does he have any?) that anyone in their right mind could find him a good investor (it’s maybe just me thinking this, you might see it from a totally different point of view…)… and now that you mentioned, what is the progress on the demolition/re-build of the build you were visiting, is that project progressing?
He bought this one long ago, long before the recent string of bankruptcies. So this is sure to change the future of his real estate developer career.
Last I knew, the strada vecchia house I visited was almost 100% demolished. But I don’t think they plan to build a spec there.
@@Real.Estate.Report Thank you for the update:) Would have been so good to see what - in the end - turns out to be the final project at the other site, but suppose it wasn’t meant to be…
his house of cards just recently started falling about.
Donald Trump was president AFTER multiple bankruptcies and no US bank willing to loan him money. Conmen will con.
When I started at the Bank of Boston straight out of college, the first principle I was taught was "don't let the money out of the door until you are sure how it will come back in." That was in ancient times - 1974. Obviously, it was a principle that fell out of use. This financing on this monstrosity is a nightmare in the making. The problem is that the credit committee that approved it will not be fired or suffer consequences for their poor decision making. Bank management is purely a CYA game now.
Trust me his money isn’t gone
@@franki2524 no doubt about that. The bank won't find it - he's got it rat holed somewhere. Probably took his "off the top."
I guess if you have the money to build there you better be prepared for the massive cost to maintain a place like that. Living on a hillside has an endless amount of major issues for home maintenance that most people will never know until they live there or have family or friends that clue you in. The normally simple task become much more challenging. Great vid!
Thanks Mike! And I agree on all points. I have never lived on a hillside lot but know a few people who have. And as you say, it’s a never ending stream of maintenance (and in California, fear of wildfires)
For mansion is huge money I think better idea apartments project luxury maybe more profitable I think.
He'll probably set up another company in 6 months and do exactly the same thing ........ 🤣
pulling up the plumbing, electricity and all that to this monstrosity is a crime against nature
Sad that there are banks and investors loaning money on spec mansions.
Thank you for breaking this down for us simply for us common folk !
Great vid Scott. I did a ~$1.5M project last year and we were 30% over budget and it took an extra 6 months. I can't even imagine the swings that happen in that ultra-expensive category.
NEVER be over budget. Especially on a project as small as yours. No excuses.
Agreed Chad
@@243wayne1 no excuses? Really? When last year we saw construction materials rise in price ~20% a year during each year of this pandemic. Which is the equivalent to the rise of the last 12 years combined as construction materials reached a 40 year high. Lumber prices went over 60% higher on average and much higher depending on location and materials. Many projects were laid out, planned and budgeted prior to covid or prior to the massive increases In everything. So I don’t think it’s fair for you to tell this guy he messed up his budgeting and to “never” do that.
@@patrickbateman9314 - No excuses.
@@patrickbateman9314 - It needed to be factored in. It's called overage. ANY estimator should know this.
I don’t know why these developers are building these huge houses that will be over 200 million because the other homes like that didn’t sell at those prices and the developers had to keep reducing the prices and that one house ended up having to be auctioned off.
I don't understand it either. Makes sense to build $20M-$30M homes. There is a higher demand for those. But these $100M+ spec houses are just gambling.
Being a home builder who has rebuilt over a dozen homes in SoCal area, it’s not the size of the home that makes it desirable … it’s the (1) Location (2) design and (3) amenities (pool, bowling alley, garage size, usability of the kitchen, etc. I have never built a 150+ million home, the most expensive home I ever rebuilt and sold was $18 Million. But I would offer my experience and opinions and advice to any builder
My budget is about 50k, what can i get.
@@ArnhemAntiques Probably an earth house?
mega-mansion monstrosity on a terraced hillside steeper than Machu Pichu!!
😂😂😂
If I was one of those neighbors, I would do everything possible to have that build being inspected at every point based on what he did with the now demolished supermansion
I bet the neighbors are keeping a close eye on it. But thankfully for them, looks like this one will never get built (at least not by Hadid)
@@Real.Estate.Report His megalomania is catching up with him !!!
God forbid one of these developers actually build something tasteful and architecturally interesting.
".. but somehow Hadib got this project approved..."
Let's guess... Money + corruption = permit..? Bribes? "Gifts"? Vacations? Women? Drugs?... Who knows what combination of crimes were committed?
I love your videos man, I learn a lot about Real estate everyday
He'll come out fine and dandy. His lifestyle won't change and either will his future projects. Wealthy developers with greed in their egotistical eyes seems to always leave alot of hard working people without getting paid, yet never suffer the consequences of their actions.
Bankruptcy shouldn't be so easy for developers of outlandish projects that are sometimes either barely started or unfinished to skirt not paying those who worked hard and for nothing. However, bankers aren't exactly innocent. They see greed, too. Obviously. And will most likely never learn their lesson.
Being an LA native, I am grateful my late father moved our family to OC 55 years ago following the Watts riots. I went back to finish college, returned to OC and never looked back! Los Angeles is a cesspool and it's not going to improve. Even once tony Beverly Hills is no longer safe to live, work or shop! You cannot drive, walk or enjoy a meal there without some element of risk. Watches, handbags are strong armed by thieves, and follow-home robberies of those driving expensive cars has become common. Why live there all?
With 65,000 homeless and who-knows-how many criminals prowling the streets, alleys and boulevards, the city is no longer clean nor safe. Violent crime is on the rise and the district attorney,. put into office by Geo. Soros, has no desire to prosecute those who victimize others. Driving a nice car can lead you to becoming a victim. and the same with nice homes, so why bother? Live, work. shop and dine elsewhere. In my view, as a former cop while in college,. LA is ungovernable and beyond repair.!
I've seen the news coverage of LA, from here in Australia, and I wonder about people like Manny Koshbin. He's out driving multi-million dollar cars on the streets, without security... or so it seems. I've seen a video from Producer Michael where he admits to having (and even shows) security with him. It's a damn shame what's happening over there. To think criminals are being released without bail, and without tracking devices, is mind boggling! (Sure, trackers can be cut off, but for a few that would be _some_ kind of deterrent.)
@@bob808 LA is a woke enclave. Go Woke, Go Broke.
All true, but I feel the homeless get a little bit more blame than they should. Stock boys. security guards, city planning? Only an idiot would put this city together like this, The worst architects /planners are women, The real criminals are employed, Girls can't even dress up without being harassed. Bezos buying Whole Foods got rid of a lot of criminals in LA, Who were employees at,, WHOLE FOODS, OC=Awesome
Native who??🤡
Nile Niami and the whole "The One" disaster and his last mansion being ordered demolished has taught him nothing I see..🙄
Umm this is not Nike niami lol
Taught the greedy fools who lend him money even less. He'll walk away pretty much unscathed.
Absolutely spot on !
@@idothings1497 no one said it was Nile smooth brain... but you can learn from other people's mistakes
The renderings are unforgivable. The levitating guardrail-less ramps are also a nice touch 🤣🤣
Cleaning that mess and finding out rooms that you never knew existed ten years later.
Haha! Yep that sounds about right
Finding a corpes in a powder room that hasn't been used for 10years
Niles Niami explained that THE ONE really isn't actually 105,000 square feet. He said it's about 70,000 plus and I can't remember how he got to 105,000
The night club is what probably pushes it up to 105,000. That space is huge, and perhaps not ‘livable’ square footage.
@@Real.Estate.Report I think that was it and the garage.
15,000SF night club plus a 50 car garage that how.
Utterly disgraceful! Allowing players to demolish the mountain ridge and nature in the area. He should fully recover the site to its' original form.
Great video Scott. I guess now that The One is resolved and I can't count on videos dunking on Nile Niami, I'll have to get my giggles elsewhere. This is a good example of something that gives me that.
Love these videos on over-the-top real estate.
Glad to hear it.. I’ll keep them coming!
Why don't they... LA, citizens and politicians... stop this man, from doing business like this in LA or anywhere?
They had to tear down his own home, because of severe code violations. The house sat on the market for a long time and the price came way down, because the new owners would have to tear it down. It was beautiful, it was on Real Housewives of Beverly Hills 🤣
I'm surprised this wasn't mentioned in this video. How can someone buy a home that is no longer in existence?
I learn soooo much from your vids. 🤷🏽♂️🌎👁️👁️🎥 Priceless
That's great to hear! Thanks for the comment!
Building next to a mt side is one thing , shaving the dam summit off and slapping a home on there , that's a real bs move.
Looks like we are going to have another bankruptcy auction on our hands here soon…
It's not the best place as it's close to Coldwater Canyon and it can be slippery, lots of cars from the Valley coming to BH.
Lot of scammers in the real estate game. Stay vigilant!
The people who should loose everything .. won’t
I'll just buy it with a bubble gum wrapper once the housing market crashes
Ohh man, so difficult to get the first development done to get the snowball rolling. Jeeesss !!!
Jackson Hole WY doesn't allow new homes over 9,000 square feet to be built. Has been the law since the 1990's. Seems pretty reasonable.
I love Jackson even more now!!
Nice example of corruption.
What a colossal mess this ended up becoming. Thanks Scott. Would be cool to hear an update on that Stratovecchia property. During your walkthrough, they made it sound as if they were going to jump right on that one.
Great coverage Scott. Being here is crazy LA and disappointed in Mr. Hadid.
I have trouble understanding what kind of real estate developer he is, he buys a piece of land for peanuts 10 years ago, he barely manages to build a few foundations and he is already bankrupt.
Are all these people really rich or is it just appearances? Considering the problems they have and the number of bankruptcies, I can't understand how they still have the right to do business.
Your guess is as good as mine on that one. In the case of Hadid, I do believe him to have amassed significant wealth over his lifetime. He has an impressive real estate development resume. And both his daughters are some of the most famous models on the planet. So the family has money. But he has been gambling it away on these speculative projects. I don’t believe that he is broke, be he has to be walking the line after these back to back financial blows…
This is the same guy who was illegally building a 30,000 square foot, 5 level mansion on a tiny hillside that he was only permitted a 14,000 square foot 3 level home on. He continued to build that monstrosity without the proper permits or inspections, putting the houses below his in danger. Truth be told, the small hillside probably wasn't capable of holding his original 14,000 foot home. He should have been banned from building anything after that stunt.
@@Real.Estate.Report Honestly, I find it hard to believe that if he had as much money as we imagine, he could abandon a project so easily. Especially since he must not have invested much in it at this moment.
@@HTHAMMACK1 That's what money and fame can do for a guy. Guys at his level don't play by the rules and get away with it all the time lol.
If I'm not mistaken Hadid is busy with a huge and I mean huge project in Egypt
Yes the skyline project. I did a video on that one a while back. I’ve been wondering how it is coming along…
Developer Genie!
The terrain is horrible and like you said there’s no house yet. Someone’s gonna get burned when this goes to auction
Yep... the biggest lien holder more than likely. It'll be interesting to see how it plays out.
Business strategy-wait for someone to default on great property and then buy it up on the cheap.
Not a bad idea....
The 2008 financial crisis resulting in a tsunami of foreclosures lead to just that. As a result of the crisis companies were formed to buy up distressed properties and foreclosures. These range from hold and sell investments to billion dollar global rental corporations holding entire apartment complexes, condos, and single family dwellings they snapped up for pennies. The next opportunity to take advantage of foreclosures and distressed properties is on the horizon if we can't reverse global inflation before we free fall into a catastrophic, record breaking recession. Everyone needs to prepare themselves now. Cash out to pay off high interest debt before rate rise even higher and start stashing wealth in order to comfortably ride out the recession. If a recession does hit we could be in it for an extended period. Those looking to profit from a housing market crash should not rush to buy what they can't afford to hold for 5 to as long as 10 years. Particularly when purchasing with their own capital and in their own name, versus setting up an LLC to aquire properties with cheap credit.
I'm not spamming here. My comment ties into how Hadid is able to file for bankruptcy while safeguarding his own personal assets. The number of mega projects we're seeing going into default could be a sign of things to come. Their demise could be due to increasingly tight restrictions put in place preventing foreign buyers from moving their capital out of their home country. Perhaps it is as simple as trophy complexes falling out of fashion with the global super rich. Or the prices they're asking is simply too much even for multi-billionairs to justify. My bet....a little of all of the above.
WHY WOULD ANYBODY LEND HIM MONEY OR CONTRACTORS WORK FOR HIM WITH HIS TRACK RECORD? HAVE THESE LENDERS MONEY TO THROW AWAY OR CONTRACTORS DESPERATE FOR WORK? IT DOESN'T MAKE SENSE.
Between the drama with this cedarbrook home, strada vecchia, and Franklin canyon… I would be surprised if anybody will be lending him money anytime soon.
@@Real.Estate.Report 🤡Number 45 has been bankrupt 6 times, owes $1bn probably to his friends in Russia & Saudi ... Having lost the election he took 27 boxes of Top Secret documents to sell, too help pay Deutsche Bank the nearly $340 million in loans The Trump Organization have due in 2022 💩
The difference between getting an official to permit a large L.A. property or not might be allowing access to your two supermodel daughters? In L.A. fame matters. Meeting some of the officially most beautiful women on the planet isn't necessarily bribery, is it?
good point
U want him to pimp out his daughters to get property permits?
@@bingusdingus4330 No. I am suggesting that in a way he already did. Just as every business person, who has a photo of their family on the desk, does. A family is exploited if it shows the business person to be more stable and able. Having supermodels in the family just gets him more mileage on it. Thus, why so many radical fashions start in blue color worker's families were kids are not needed to subjugate their wishes to the needs of the family image.👠👗💍💄👒🧥👔👞👘🥻 or 🎸🪘⛏🪚🧽🪣🧺🪠🎚🧢
Great video Scott. His daughters are super rich. Why doesnt daddy borrow from them?
Maybe Gigi will get Leo to buy it😝
Was looking forward to this one being built. Unfortunate. Hadid really needs to temper his expectations down when doing these spec builds. Too much money even though he has a lot already.
Why? No home of that size or anywhere near that size should even be allowed.
@@HTHAMMACK1 clearly you haven’t seen all these LA megamansions to know how wrong you are.
You spend your life working hard to buy your dream house and some privacy then someone wants to build that on top of the hill... Jeez!!!
Best wishes from a medieval stone ruin in a French forest. 👍⚒️🌞
underrated chanel
Thank you!
I hope he at least has to pay the people back who did the work for him because what these people don't understand is that those guys worked and should be paid for their work and materials of their out on this job it is not fair to them at all and it's not right they've got families to support and so do their employees shouldn't be fair for him to just walk away and not at least be made to pay those debts off and the EPA should come in and get on them for leaving the land like that on that Hill it looks like a landslide waiting to happen
This greedy people are putting concrete everywhere.
Niles Niami said that THE ONE actual size is ......I think he said between 70-78,000 square feet and he added I believe it was land or something to make it a total of 105,000
Yes the original square footage was smaller, did not include the night club area.
who in there right mind would lend out money to this dude who already filed for bankruptcy previously
This is why I only plan on building subdivisions for the middle class, smaller luxury properties, apartments, condos and retail properties. The market sucks right now though, it's neither a buyers market nor a sellers market here in California.
You've got the right approach. I'm doing the same thing out here. No matter how much I scale my company over the years, I would never put so much money and energy into something as speculative as a mansion like this.
Great video! Richard Saghian can easily scoop this up for cheap and build something iconic. He’s an enthusiast of LA real estate-especially history-making ones.
Would be cool to see him partner with Paul McClean and build something here!
The builder is overbuilt. It’s all for show. Fire insurance would be almost impossible to obtain.
33 bathrooms for why....
No one should have a house that’s over 35,000 square feet in my opinion
lots of money loundering going on here.
City of LA building dept. Is not doing their job. Obviously there is something going.
What is the point of permitting, when these projects get through? This is very destructive of the land, and incredibly wasteful. I'm not even a particular fan of greenness, and this is a perfect example of what gets a pass, while I get harangued by my township about three p's in the toilet, and wipe my dishes with paper towels insteadof washing them.
He left a huge scar in the top of that hill/mountain?
Spec homes are so stupid.
Might be something the County of Los Angeles would be interested in taking over turn it into a Visitors Center for Park use. Certainly a lot more valuable than these Super Yachts that are now being seized.
As of 10/15/23 the price is now $68,000,000
Coldwater Canyon is trash anyway. I don’t think any billionaire wants to deal with traffic in that neighborhood on a regular basis.
Why can't he just build normal houses
I'm not trying to insult him because I do not know him, but my guess is - Ego
Wait, so “the one” doesn’t exist? Is the “the one” not a prime example of why this is stupid?
$250,000,000 where's my private island
developers like Hadid have carved up and destroyed SO MUCH nature in Los Angeles, I'm happy he went bankrupt, I hope he loses everything at some point, he has been a selfish source of headache for the area for years. I have watched Franklin Canyon go from being beautiful unspoiled nature to being carved up with super-houses cutting into the hillsides on all sides of the park over the past 15 years and it should never have been allowed for the super-rich to do what ever they want to make themselves MORE money.
Aka The OTHER One. 🤦🏼♂️
I love how the listings are x million and then sell for pennie’s on the dollar. Such a JOKE!
Any news on his Casablanca project?
Wow dude, I kno were comparing here but 78k sq ft? 33 bathrooms? C'mon let's get serious folks 🤔, I kno this is wierd but I like to check out ur shirts with these presentations, I mean like these homes you have some nice ones & keep my interest 👍
Hubris. Plain and simple. Massive ego pushes anything resembling, I can but should I
Go small and safe.
This real estator just takes advantage of people.
Vanity is the destruction of the rich,,,,
How bad! I know Mohammed. Just haven't seen him for a while.
I wondered how involved he has been on this project lately…. Seems like not much
La Is Separate From Beverly Hills Right they Have Two Different Mayors Council and Engineering Department Permit Departments I Assume Different Rules Correct Me Please
It looks like an ugly house on an ugly site.
Love the look of the house and hope it gets built.
After numerous attempts of buying my first property back in 2005-2006 I finally was able to buy I'm 2011. This was at the bottom of the 2008 crash. I got a great deal and am currently sitting on over 200k on equity, I took some equity out to buy a few more properties. I purchased one for 115k put 70k into it and sold it for 342k in 2017. The point is don't give up and embrace these crashes and corrections. Either you're a wolf or sheep take advantages of these opportunities
Unfortunately, most people don't get this, the majority is after chasing tops/bottoms where they fail and get out of the game..
I bought my last property in April it was not affordable, however it's a perfect investment I spent $700k and it's worth it, now I'm moving profits from stocks investment to my real estate portfolio..
My strategy is to start with stocks and then move to real time real estate investing
@@avareynolds8720 Exactly I invested heavily in stocks and made enough profit on a year to buy rental units and parking lots and I'm still trading the stock market and my real estate properties which brings in roughly $480k annually
Let me say that there is always someone who is smarter and richer . Besides , as long as he is not personally bankrupt , he can do whatever he wants . He will never use his own money even if he has some!
He can do whatever he wants, but you'd have to be an idiot to give him money again. Unfortunately there are a lot of useful idiots who still will
Why does LA even allow this kind of nonsense to happen? There should be a cap on how big a house can be. Just my own opinion, but 20,000 to 25,000 square feet should be the limit. Anyone can't be satisfied with that, they need to crawl out of their own ass and get some daylight. First Nile Niami and now Mohammed Hadid, who is even shadier than Niami, and that's saying something.
Good video.
Property tax is one of the reasons
You can just hope someone buys the hill that will renaturate it and turn it back into a nice hiking trail or something like that. LA doesn't have many green spots anyways, and you could gain some really good PR with a move like that.
LOL as if, a rich gated neighborhood like such needs that.
Combine this with the other disaster project that had to be torn down n he could need to start borrowing from his model daughters to continue.
Looks like a hotel.
Definitely... especially that entrance
Family home 33 bathrooms ???
i was wondering what was up with that listing
Unfortunately seems to be doomed much like the others. But perhaps a new developer will end up taking over where Hadid left off…
@@Real.Estate.Report seems to me that those super mega's are "very" risky. if i was a developer of that scale, i would do 10 smaller places
@@Real.Estate.Report i bet thats the last big house like that.
How is this the largest home ever permitted in LA when the one was 105,000 sq ft?
We get into that later in the video. My understanding is that its because The One was not actually permitted at 105,000 square feet. A lot of that square footage is illegal and/or not livable (i.e. the club)
@@Real.Estate.Report only had a few minutes so didn't get chance to watch the whole vid. Appreciate the explanation. Shows i need to watch the whole vid before commenting
Another Nile
A little smaller than the one, is 13 of my houses smaller
Go big or go home…(or not)
Hideous. Yet more evidence that money≠ taste.
I agree.. it's a weird looking house. Too many levels.
He got it passed by greasing the wheels $$$$$$$$$$ to all those city agencies and City Council campaign donations?
Can't Gigi lend him some cash