Hadid bankruptcy - January 15, 2021
On January 15, 2021, two of the Hadid shell entities that own land inside Franklin Canyon Park (i.e., Coldwater Development, LLC and Lyda Ludd, LLC) filed for Bankruptcy protection. These entities own considerable land under the Hastain Trail and importantly, also own the parcel at the plateau of the trail which is the site of the massive 75,000 square foot house planned for 9650 Royalton.
By way of the bankruptcy, we now know that in 2020 a company called “Give Back, LLC” acquired approximately $27 million dollars in debts owed by Hadid secured by the Franklin Canyon properties as collateral. More importantly, recent court documents reveal that Give Back intends to donate the properties to the State of California (potentially Santa Monica Mountains Conservancy) if acquired through foreclosure for public benefit. This is truly good news and bodes well for the potential permanent preservation of Franklin Canyon Park for public enjoyment.
For more details, below are some of the publicly available documents filed in the Bankruptcy Court.
Bankruptcy Court Documents:
Coldwater Canyon Dev. LLC Petition
Declaration of Hillsides Against Hadid Founder