According to court documents obtained by The Blast, Hadid’s company, 901 Strada, LLC, filed for Chapter 11 bankruptcy. The company was formed to manage Hadid’s massive $100-million unfinished Bel-Air mansion.
The petition was filed in California court on November 27.
Hadid’s company listed the estimated assets in the $10-$50 million range. His liabilities are in the same range of $10-$50 million.
His debts include $386,537.70 to a company named Ral Design and Management, $201,044 to Ace Building Materials, $104k to a law firm, $93k to a demolition company, $46k for welding services, $35,191 for plumbing work and various other debts.
The massive amount of debt relates to Hadid’s never-ending construction of a massive compound in Bel-Air. He has been battling his neighbors and city officials over the construction in court for over a year. The property was being built on a hill that his neighbors believed was unstable.
A judge recently ordered the entire 30,000 sq. ft. home to be demolished. He found the home was a “clear and present” danger to Hadid’s surrounding neighbors. In court, the judge said, “If this house came down the hill it would take a portion of the neighborhood with it."
The property was given the nickname “Starship Enterprises” because of its size.