'Mr. Arab' Adam Sabbagh -- BANKRUPT ... Beverly Hills Socialite $200K In Debt

July 6, 2014 7:30 AM

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'Mr. Arab' Adam Sabbagh -- BANKRUPT ... Beverly Hills Socialite $200K In Debt

The high-falutin' lifestyle of Beverly Hills socialite Adam Sabbagh just came crashing down to earth -- because the dude who was once flush enough to buy David Beckham's Porsche ... just went belly up.

Sabbagh filed bankruptcy docs -- obtained by TMZ -- showing he has more than $200K in debts, and only about $4K worth of assets.

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