Posted: Tuesday, December 20, 2016 – 9:28 AM
Rumors in the real estate community are swirling about 901 Strada Vecchia in Bel-Air as the Mohamed Hadid-developed megamansion gears up for another hearing at Van Nuys Superior Court on Jan. 9.
The nearly 30,000-square-foot property has been toiling in the courts for more than a year since it was first sent to L.A. City Attorney Mike Feuer in July of 2015.
Earlier that year, Los Angeles Department of Building And Safety inspectors cracked down on the property, ruling all unapproved construction, which they said included features like retaining walls, concrete decks and an underground theater, were to be removed.
At the most recent pre-trial hearing in late November, lawyers again sought to delay proceedings, but Judge Eric Harmon denied a motion by Hadid’s lawyers to sever his trial from that of 901 Strada LLC, the listed owner of the home, and its listed managing member James T. Zelloe, an attorney from Virginia.
A well-placed real estate source who wishes to remain anonymous tells the Courier that the home, which includes several underground bedrooms and an IMAX theatre, is rumored to be quietly being shopped for around $39 million, well below the long-discussed dream asking price of $100 million.
One rumor has a potential Kazakhstanian buyer being interested in the home.
Hadid purchased the property in 2011 in his own name, but took out a loan through an LLC. Ownership was then transferred to another LLC, the current listed owner, 901 Strada LLC. Hadid was originally listed as a Sole Managing Member, but as legal wars waged, he became further removed from the home’s ownership. The managing member is now listed as Zelloe.
Hadid’s attorneys are expected to bring forth new motions on Jan. 9 at the 8:30 a.m. hearing, and Harmon said that following the introduction of those motions, a trial date would be set within 10 days.