Docs Reveal Secret $1B Saudi Property Empire

This story in Britain’s Independent newspaper caught my eye:

A secret $1bn US property empire amassed by members of the Saudi royal family is the subject of a bitter legal dispute that threatens to reveal the extent of the family’s American business interests.

These properties are owned by HRH Prince Abdul-Aziz bin Fahd, the youngest and favorite son of King Fahd and his relative, Sheik Khalid N Al Assaf. The prince, a minister of state without portfolio, is known for his extravagance and international playboy image. The prince reportedly owns $2 billion USD worth of palaces and the world?s largest collection of super yachts. He also once had a romantic relationship with model/actress Yasmine Bleeth of Baywatch.

I tracked down the court document.

Turns out the Prince has owned several buildings in California including the Starz Entertainment building in Burbank; Two Rodeo Drive in Beverly Hills; and 220 Post Street in San Francisco.

Here’s a list of the property holdings:

 

Other properties formerly owned by the Prince and the Sheikh are:

The properties are managed by

  • Dr. Abdulrahman Otaishan, a senior financial advisor to the Prince
  • Dr. Andreas Limburg
  • Pierre Rolin and his company Strategic Real Estate Advisors Limited, which was placed into administration in 2010 after losing a single client.

Secret $1B Saudi Property Empire

5 comments

  1. Saudi Watcher

    You write that Strategic Real Estate Advisers Limited was placed into administration in 2010 after losing a single client. Surely the Prince and the Sheikh are the client, and if they are in a legal dispute with Strategic Real Estate Advisers, as indicated in the above document, how can that company still be managing the properties – particularly as it is now in administration?

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