Mohamed Hadid has been forced to unload another big project.
This time, the spec mansion developer is asking $100 million for 70 acres of undeveloped land in Franklin Canyon, according to the Wall Street Journal. He had planned to develop “a few” houses across the property, which he purchased over the course of 20 years.
Hadid is selling the six parcels after two of his development entities filed for bankruptcy earlier this year. Creditors had started foreclosure proceedings last year, after Hadid defaulted on a loan for up to $25 million.
A buyer is already set to purchase two of the six plots for $33.5 million, according to court records, but a larger offer would override the deal. Plans for the land now call for three homes, each ranging from 23,000 to 25,000 square feet.
The developer has been forced to find buyers for other properties, most notably his soon-to-be-demolished Bel Air spec mansion.
In May, developer Bruce Lifton entered into a contract to buy the saucer-shaped, partially-built home that has been beset by lawsuits, for $8.5 million. In December 2019, a federal judge dismissed a bankruptcy filing by the LLC Hadid created to operate the Strada Vecchia Road property.
The Franklin Canyon land — located between the San Fernando Valley and Beverly Hills — was also embroiled in a legal battle, this one brought by hiking advocates who wanted a trail in front of the home to remain open to the public.
[WSJ] — Isabella Farr