A new week and another megamansion plan gone wrong is in the news. This time, notorious developer Mohamed Hadid has a project that is once again facing auction, not far from his doomed Bel Air mansion that sold in auction at the end of last year.
This time, it’s the Beverly Hills project known as the Coldwater Development that will be looking for the highest bidder. The six parcels—or 65 acres of undeveloped residential land—just west of Coldwater Canyon will be auctioned off on March 24, with auction house executives pointing to a recent $131 million appraisal for the property.
Like his previous Bel Air build, Hadid’s plans for the Goldwater Development angered residents, in large part due to Hadid’s grandiose vision, which contemplated a large compound with 11 homes, at least one mega mansion of 100,000 square feet, three guard towers and a helipad. This plan both conflicted with local zoning ordinances, and enraged locals who feared their the famous hiking spots along the Hastain trail would become an over-developed eyesore.
In 2016, Hadid won an appellate court decision that resolved doubt about his, or a future owner’s rights to develop the land, subject to adherence to local zoning and permitting requirements. However, his ability to service his debt on the property while funding the development ultimately resulted in the bankruptcy filings and now the forced sale of the land.
The parcels are being sold under authority of the United States Bankruptcy court, and as directed by court appointed Trustee, Sam Leslie. The properties, under the name the Royalton Auction, are being offered with each parcel offered both individually and then grouped in combinations via ThreeSixty Asset Advisors and Tranzon Asset Strategies.