******************** POSTING RULES & NOTES ******************** #1 YOU MUST clip all extraneous text when replying to a message. #2 This mail-list, like most, is publicly & permanently archived. #3 Subscribe and post under an alias if #2 is a concern. *****************************************************************
(Some months ago the NYT ran a series of articles about how oligarchs and gangsters were buying $25 million condos in Manhattan using shell companies. The same plague exists in Los Angeles apparently. The people building such monstrosities incorporated as an LLC, a limited liability company. Guess what Mark Zuckerberg's new "charity" is organized at?)
The most notorious new house in Los Angeles hangs from a Bel Air hillside, high above the sprawl and smog, unfinished and unloved.
Outraged neighbors call it “the Starship Enterprise,” and in truth it looks like nothing so much as an earthbound space station of curved glass and steel, draped in scaffolding and tarpaulin, roughly 30,000 square feet and nearly 70 feet high.
That height, about twice the legal limit, is among a litany of violations that have stalled construction at 901 Strada Vecchia for more than a year. Without the city’s permission, workers tore down the original house and leveled the hillside. Though the site is in an “earthquake-induced landslide area,” subsequent inspections found “unsecured open excavations” and other perils. Inspectors also uncovered a host of features, unapproved though befitting a house with an aspirational price tag of $100 million, among them underground bedrooms and an IMAX theater.
As unapologetically extravagant as the project is its impresario — Mohamed Hadid, father of the celebrity models Gigi and Bella Hadid, sometime guest on “The Real Housewives of Beverly Hills” and one of the city’s leading luxury developers. For years, Mr. Hadid’s Instagram account has featured photos of himself amid the rebar at the Bel Air site. He calls it his “office” and labels the photos with the hashtag #themodernhouseofhadid.
Yet for all that, over four years of violation notices, inspections and hearings, efforts to hold someone accountable for the mess at 901 Strada Vecchia have repeatedly hit a legal wall. It is, as a judge said during an October session where once again nothing got done, “an extremely complicated case.”
That is because “themodernhouseofhadid” belongs not to Mr. Hadid but to an entity that keeps the actual owner at a legal remove — a shell company named 901 Strada L.L.C.
Fueled largely by the vast streams of wealth crossing the globe as never before, a new generation of hyper-luxury homes with stratospheric price tags is colonizing the most gilded hillsides and canyons of Los Angeles. In some areas, every third or fourth home has been torn down, leaving gashes of dirt and debris where new mansions will rise.
And more often than not, the people behind the purchases are hidden by shell companies.
full: http://www.nytimes.com/2015/12/15/us/shell-company-bel-air-mansion.html
_________________________________________________________ Full posting guidelines at: http://www.marxmail.org/sub.htm Set your options at: http://lists.csbs.utah.edu/options/marxism/archive%40mail-archive.com
