Monaco Shelves Multi-Billion $ Expansion Plan
The tiny Principality of Monaco, which trumped London in September for the title of the world's most expensive luxury property market, has shelved multi-billion dollar plans for an ambitious land expansion into the Mediterranean. The plan hatched by Monaco's Prince Albert called for a 3 million sq. ft. artificial peninsula to be built, housing luxury apartments, boutiques and tourist traps. Expected to cost $5 billion - $10 billion, the peninsula would have added 5% to Monaco's territory.
Two world-famous architects, Lord Norman Foster and Daniel Liebeskind, were competing for the project, which had been slated to begin construction in 2011. Now however, Prince Albert has called the whole thing off. "In the current climate, it would be irresponsible to launch a project of this scale," the Prince explained to the AFP, citing concerns both financial and environmental.