[lang_en]Celebs losing £80K a week on their Dubai mansions[/lang_en]
[lang_en]By Will Payne
Stars including David and Victoria Beckham, Michael Jackson and Brad Pitt are losing £80,000 A WEEK as their luxury Dubai villas crash in value.
Celebs who bought the properties in their droves over the last few years have seen prices halve, with pads worth £3.2million in October now on the market for £1.6million.
And with the world’s superwealthy cutting their losses and selling up, Dubai’s bubble has well and truly burst.
The oil-rich Gulf state courted the famous for its Palm and World Islands developments, a series of artificial peninsulas in the Persian Gulf.
Among those who bought there were Angelina Jolie and Brad Pitt, England cricketer Andrew Flintoff and ex-Formula 1 champ Michael Schumacher, who owns a £5million slice of “Antarctica” in the World Islands.
England footballers were some of the keenest buyers.[/lang_en] (more…)
