Property developer Mohamed Hadid placed into chapter 11 bankruptcy a planned two-house compound in Beverly Hills, touted as the largest property ever permitted in Los Angeles, <em>WSJ Pro Bankruptcy</em> reported. Hadid signed a bankruptcy petition for a holding company behind 9650 Cedarbrook Drive in Beverly Hills, Calif., an unfinished compound that was listed nearly a year ago at a $250 million asking price once completed. The listing also said a buyer could take over construction of the property, which was designed to contain 19 bedrooms, for $92 million once the foundation is done. A secured creditor was attempting to foreclose on the property’s assets, according to the chapter 11 petition filed Monday in the U.S. Bankruptcy Court in Los Angeles by Mr. Hadid, who constructed Ritz-Carlton hotels in the 1980s and now builds massive homes in the Los Angeles area. Next steps will be determined by the bankruptcy court, according to the listing agent, Rodrigo Iglesias of Hilton & Hyland. Court papers filed by the bankrupt development entity, Treetop Development, show more than $100 million in assets at the property against no more than $50 million in debt.
