It never looked like a good idea.
Posted on 11/25/2009 7:51:20 PM PST by Steelfish
November 26, 2009 Footballers and Film Stars Caught Out As Dubai Crash Hits New Low
Hugh Tomlinson in Dubai
David Beckham and Brad Pitt are believed to be among the celebrities and sportsmen who bought villas in Palm Jumeirah in Dubai, a luxury development that juts out into the Gulf. But when the property bubble burst this year, residents saw the value of their investments collapse.
Yesterday their situation worsened as Nakheel, the developer, and its state-owned parent made a request to suspend debt repayments.
The statement rocked credit mar-kets around the world and prompted analysts to question whether Dubai, the most populous of the United Arab Emirates, will be able to meet its obligations. The concern is that Nakheel will be unable to continue developing the Palm and neighbouring projects, leaving Dubai and its coastal waters an ugly, unfinished construction site.
When the 2,000 villas and townhouses on the Palm went on sale in 2002, they sold out in a month. Passing through en route to the World Cup in Japan and Korea were the England football team, and several players stopped off to sign up for £1 million properties on the artificial island, with Michael Owen, David James, Joe Cole, Andy Cole and Kieron Dyer, it was reported, joining Beckham on the beaches. Pitt and Angelina Jolie are also said to have bought homes.
Joe Cole was one of the few who got out in time. The Chelsea player sold his villa for about $3.5 million (£2.1 million) last summer as Dubai’s property bubble approached bursting point.
(Excerpt) Read more at business.timesonline.co.uk ...
Heard the plumbing doesn’t work so well. But it’s just a few steps to the sea...
That’s what happens when the rich and famous want to be where the actions at, what’s new and trendy - all done in their elitist fashion.
BS - the celebs and sports stars probably got the homes for free to get other suckers to buy there.
Another "60 Minutes" success story.
Similar to the GREATNESS of East Germany before the collapse.
Similar to the Iraqi's GREAT army prior to the first Gulf war.
"60 minutes," i.e. CBS, is a joke when it comes to reality.
:-)
God that is hideous. I recall seeing them build it etc etc on TV. I never saw any pictures when it was done until now. I could not imagine living in one of those houses for a night and a day let alone a week.
Thanks the Democrats and environmentalists who are on the Saudis/Muslims payrool to block us from accessing our domestic energy sources. We have at least 4 times what the Saudis have in oil.
After the first Gulf War I was working in the area. I asked one of the locals of some position what he thought would happen when the oil ran out. His reply? “The sand will cover the city.” To which I further inquired, “What will people do then?” and he replied, “I do not know but as for me I have a villa in Switzerland, it is quite beautiful there you know?”
The only people I’d wish who lost their money that weren’t already in that list would be Obama and Oprah.
Actually there’s a bunch of these man-made islands developed (or in the process of being developed) in the area. One of those is supposed to be in the shape of the continents themselves called “The World”.
The general area can be found on Google Earth here:
25° 9’43.12”N
55° 3’58.63”E
The vocal FReeper Citizens Of the World seem to have fallen largely silent of late, no more waxing poetic and singing the praises of Dubai. There was a fair contingent of them at one point.
It looked like a pipe dream, a terrorist magnet, or both to me, from the outset. Something vaguely disturbing and dishonest about it, too, like some gilded hidey-hole for ill-gotten gains.
examined or sliced off? Maybe they’ll flip a coin.
Soros? That was the name I was looking for.
It’s pretty from a bird’s eye-view but I don’t understand what would keep the ocean from swallowing it up at some point.
Anyway, LOL at the knuckleheads.
The Palm could be the modern-day Tower of Babel. Just like its biblical counterpart, it was dedicated to the glory...and excesses of man.
It appears to be suffering the same fate also.
I’d say they all got just what they deserved.
Don’t they know that when global warming raises the sea level just a few feet they will all be under water?
The harder they come, the harder they fall. One and all.
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