Footballers and Film Stars Caught Out As Dubai Crash Hits New Low

London Times ^ | November 25th 2009

[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.

[Onelifetogive]

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.

I saw a Discovery Channel-type program on the construction of it. They used lots of rock, not just sand. Also, they covered the edges with layers of rock to keep the surf from eroding it.

[Publius6961]

I remember when I first saw this proposal, I muttered to myself, "Someone's got to be kidding!"

I know there are suckers born every minute, but that many super-rich ones?

On the positive side, there may be something to this "spreading the wealth" thing...

[blam]

"Anyone who would pay several million dollars for a villa in what looks like a crowded suburban development built on a sand pile on the edge of the desert amidst a bunch of Arab Muslims should have his head examined."

That would just be a good start.

[ApplegateRanch]

Anyone who would pay several million dollars for a villa in what looks like a crowded suburban development built on a sand pile on the edge of the desert amidst a bunch of Arab Muslims should have his head examined.

Little Boxes; little boxes, on the seaside
all owned by many millionaires!
Little boxes, little boxes, on the seaside
owned by those who put on airs!
There's gray one, and a gray one, and a... gray one?
and they're all made out of Chinese cement,
and they all look just the same!

[Eagles6]

Yeah, what you said...

[fallujah-nuker]

Anyone who would pay several million dollars for a villa in what looks like a crowded suburban development built on a sand pile on the edge of the desert amidst a bunch of Arab Muslims should have his head examined.

On the other hand if they loaned several billion dollars to finance a crowded suburban development built on a sand pile on the edge of the desert amidst a bunch of Arab Muslims they can expect a bailout.

[dfwgator]

The harder they come, the harder they fall. One and all.

Ironically, Jimmy Cliff is a Muzzie.