Bel-Air Mega-Mansion Sparks Question Over What Defines 'Ultra-High-End Luxury'

Massive reduction in value of Bel-Air mega-mansion sparks question over what defines 'ultra-high-end luxury'
The unfinished mansion of Mohamed Hadid in Bel-Air. The L.A. County assessor took tens of millions off the market value of Hadid’s mansion after the wealthy developer appealed his assessment. (Genaro Molina / Los Angeles Times)

Real estate tycoon Mohamed Hadid, yes, father of GiGi and Bella Hadid, once boasted that a luxurious mega-mansion he was building in the hills of Bel-Air would sell for more than $100 million.

Hadid, known for his lavish homes and stints on reality television, chronicled the progress of construction on Instagram. In one post, he billed a cavernous space where workers were laying rebar as “home for the next largest IMAX home theater in the world.”
In others, he showed off Italian marble, a Moroccan room and a “modern yet classic” Turkish bath.
Led in part by those statements, the county eventually valued the home under construction at more than $70 million.
But as Hadid faced delinquency on a hefty tax bill for the still-unfinished mansion, he asserted the property was instead worth just $10 million.

Last month, the county reassessed the property at close to $29 million, saving Hadid half a million dollars a year in property taxes.
The question of how much the colossal home is worth opens a window into the rarefied world of high-end real estate in Los Angeles, where developers compete in Bel-Air, Brentwood and Malibu to build the biggest, most extravagant and most expensive homes.
Despite the sweeping size and prized details of Hadid’s house, some county officials questioned whether it was truly “ultra-high-end luxury” construction.

 
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Massive reduction in value of Bel-Air mega-mansion sparks question over what defines ‘ultra-high-end luxury’

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