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At $85M, Mohamed Hadid’s Le Belvedere Is a Serious Steal

Mohamed Hadid

Dimitrios Kambouris/Getty Images for Global Lyme Alliance; realtor.com

In addition to creating supermodels (daughters Bella and Gigi Hadid), Mohamed Hadid is known for creating supermansions, as in the case of Le Belvedere, a massive and elaborate Bel Air estate that sold for a record-setting $50 million in 2010.

The property recently reappeared on the market, this time for $85 million, and the price can be considered a bargain for the area. It also made the home the most expensive new listing of the week on realtor.com®.

Listing agents Joyce Rey of Coldwell Banker Previews International and Stacy Gottula of The Agency point out that at $85 million, the approximately 35,000-square-foot, 2.2-acre French-inspired chateau is priced at around $2,200 per square foot.

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That’s a relative pittance compared to the pocket-listed home next door, which sits on just 1 acre and costs around $3,500 per square foot.

The asking price of the neighboring mansion is reported to be $250 million. With that as a comp, $85 million almost seems like a bargain! Almost.

$85 million Le Belvedere
$85 million Le Belvedere

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70-foot infinity edge pool
Infinity-edge pool

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Property value appreciation is the main factor in the $35 million price increase over a six-year span. The mansion is located in one of the most exclusive and prestigious neighborhoods in the world. The price jump also accounts for improvements: The exterior finishes have been upgraded, an outdoor gym has been added, and there’s an extra bed and bath.

But perhaps the greatest testimony to its value is the fact that Hadid, who could realistically build himself a dream palace anywhere he wants, loves Le Belvedere so much, he never moved out. He completed construction in 2007, sold it to international buyers in 2010, and negotiated a lease-back agreement that wound up lasting six years. The buyers never got around to moving in, have decided that they probably never will, and are now ready to sell.

One of Le Belvedere's 14 fireplaces
One of Le Belvedere’s 14 fireplaces

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“The overall design and scale of the rooms is unlike anything else on the market,” says Rey. “It was designed for entertaining, and each room is dramatic.”

Le Belvedere’s splendors are numerous. Master craftspeople from around the globe were brought in to create spectacular features, including an elaborately decorated screening room that seats 60 people. There’s a grand ballroom and a 5,000-bottle wine cellar, two sumptuous master suites, a Moroccan-inspired salon, and a Turkish hammam spa with a steam room.

Gottula and Rey counted 14 fireplaces. The listing notes that there are 10 bedrooms and 14 bathrooms, and the lavish grounds include fountains, a loggia, terraces, eight rose gardens, a 70-foot infinity-edge pool and spa, and a swan pond (the swans themselves are negotiable in a deal).

The estate sits atop a hill with 280-degree views. Hadid will no doubt miss the views when it finally sells. But he’s already immersed in his next project, a Bel Air spec mansion that he’s calling Strada Vecchia, which he plans to sell for somewhere around $200 million. But who knows? Maybe he’ll end up making it his next home.

Le Belvedere's movie palace
Movie palace

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Le Belvedere's Moroccan Room
Moroccan salon

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Le Belvedere ‘s hammam spa<p class="credit">realtor.com</p>
Le Belvedere ‘s hammam spa

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Bird’s eye view of Le Belvedere<p class="credit">realtor.com</p>
Bird’s eye view of Le Belvedere

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The post At $85M, Mohamed Hadid’s Le Belvedere Is a Serious Steal appeared first on Real Estate News & Advice | realtor.com®.