Mohamed Hadid's Short Sale Situation

After my colleague Ann Brenoff reported that Mohamed Hadid had chopped $13 million off of one of his properties I knew times were bad but I had no idea just how bad. Another Hadid property, a Balinese-styled spec house in Beverly Hills, is now listed in the MLS as being a short sale situation. The property was once listed at $16.5 million. It was at $12.9 million when we checked it out as an estate of the day last year. Now it can be yours for $7.995 million on a listing that says "must sell" in big capital letters. The 12,000-square-foot home has a Balinese design with bamboo, exotic Asian woods and other materials imported from around the world. This is opulence on a grand scale with heavy doors, floor-to-ceiling glass windows, and three separate master suites among the six bedrooms. There is a Balinese-styled home theater, wine cellar and a gorgeous infinity pool with unobstructed views. The furnishings are included in the price.