Sunday, January 27, 2019
Wild faux chateaux housing development in Turkey goes kaput.
When construction started in 2014, the Burj Al Babas was supposed to be a luxury residential retreat for wealthy investors from the Middle East. The $200 million complex called for 732 identical homes in the style of the French chateaux, each with an ornate facade, Juliet balconies, and a round turret fit for a princess. The interiors could be customized to the buyer’s desires.
The cookie-cutter mini-castles were going for anywhere from $370,000 and $530,000, and according to Bloomberg, plenty of people were already buying them. Just not enough, apparently. By the time the developer filed for bankruptcy, they had completed 587 homes and were $27 million in debt.
Who would live like that? And after it rains and snows on those half finished "chateaux," how much damage and black mold will there be? Is there a Trader Joe's nearby?
It's over for these guys.
Hat Tip: Instapundit