MOHAMED HADID

Mohamed Hadid should have done proper research before investing in this Bel-Air property. It is currently listed in the market for $8.5 million, but prior to this sale the billionaire claimed that his mega-mansion was meant to last forever. Well, that was until a court ordered for it to be demolished. So how did it get to this point? The 30,000-square-foot mansion was built much bigger and taller than the existing city rules allowed. It was also situated on a 1.2 acre hillside lot, which is a safety hazard to those living right below it.

Lawyers were eventually involved after the neighborhood decided to take things to court. Given the construction violations, the gorgeous steel and glass structure was ordered to be torn down. Had construction been allowed to continue, however, the property was also meant have 70-seat IMAX theater, among other luxurious amenities.