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Jet-set lifestyle of the daughter of a Kuwaiti wanted in funds scandal
October 1, 2018, 6:24 am
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Some of the properties owned by Fajr Al-Raja’an, daughter of the former director-general of the Public Institute for Social Security.

Al-Raja’an owns riches, lives in homes worth millions abroad

Fajr Al-Raja’an, the daughter of the infamous former director-general of the Public Institute for Social Security has allegedly bought a new home worth $ 8.735 million a few months ago in the most exclusive area of Los Angeles, reports Al-Rai daily quoting yolandaslittleblackbook blog.

Her father, Fahd Al-Raja’an, who lives as a fugitive in Britain is an international finance expert and successful banker who served as Director of Kuwait’s Public Institution for Social Security for more than 30 years.

In 2016, Kuwaiti officials accused him of using his position to embezzle vast sums of money allegedly totaling some $ 390 million.

According to the authorities, much of the money was transferred to bank accounts controlled by his wife and daughters.

After he fled the country, he was sentenced in absentia to a 10-year prison term and an international arrest warrant was issued.

Last year, Al-Raja’an was arrested by British authorities, and there was talk of him being extradited to Kuwait. But to be honest, it is uncertain about whether that ever happened, and it is not known if Kuwaiti authorities have recovered any of the (allegedly) stolen money or whether he is still in custody also remains unknown (to us).

Whatever the current murky situation of Al-Raja’an may be, it is abundantly clear that his daughter does not have any trouble paying her bills. Miss Al-Raja’an divides her time between apartments in Paris and Dubai (and her LA home, of course). She also sports a whole assemblage of famous friends, including folks such as Sofia Vergara and Jessica Alba.

The blog of luxury property has described Fajr as rich and elite and living a lifestyle that includes private jets, luxury holidays and luxury homes. The blog, edited by James McLean, since its launch in 2016 has sparked panic among real estate marketers and their wealthy clients by disclosing sensitive and sensational information that sometimes reaches the level of scandals.

According to the blog, this transaction actually went down several months ago and there was a plan to write about it back then but for whatever reason kept putting it off, however this story will still be of particular interest to those who are concerned with the issue.

Actually property such as this, even if the architectural style isn’t the sort of thing people typically go in for, they would definitely live here. But more importantly, folks occasionally ask for what LA’s ‘best’ residential neighborhood might be.

There’s no right way to answer that, of course – lots of them are good for different reasons, and each has its own personality – but definitely the most expensive neighborhood, at least for the moment, is Holmby Hills.

Sandwiched between the much larger communities of Beverly Hills and Bel Air and neatly bisected by Sunset Boulevard, Holmby Hills is made up of only a few dozen homes, most of them sprawling, multi-acre estate compounds.

Of the three $100+ million sales LA has seen, two of them went down in this wee little area. This neighborhood is so posh that it even sports its own art gallery which happens to be right across the street.

Not every property in LA’s posh area is $100 million but the house bought by Fajr for $8,735,000 is still a boatload of cash, but a far cry from billionaires-only territory, says the blog. Unfortunately, no one knows how this particular house came to be or why this property is so much more petite than all its neighbors, but it does have a rather interesting recent history.

In 2009, the 1930s Mediterraneanstyle house was sold to musician Jeff Lynne. Lynne held onto the house for only one year before dumping it at a loss to his next door neighbor Peter Morton but sold it 2015 for $ 4.5 million to Woodbridge who gave the house a comprehensive renovation, complete with all-new contemporary interiors and a modern exterior look and then sold it for a major profit –$ 8.735 million to 30-year-old Fajer, who purchased it through an LLC.

Though sometimes referred to as Princess, Fajer Al-Raja’an in publications, she is the younger daughter of the ‘notorious’ Fahd Al-Raja’an not actual royalty though she certainly has the funds to put many royals to financial shame.

It has also been reported, two of Fajer’s sisters own at least four different apartments in the prestigious The Century — located in the Wilshire Corridor neighborhood — but all four of these units seem to have been sold except for one last year. It is said the two sisters had earned a total of $17.4 million for the three units they had invested in.

Source: Arab Times

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