Celebs Losing $100K a Week on Their Dubai Mansions

by Jared Paul Stern (RSS feed)
Mar 9th 2009 at 8:02PM

One side effect of the implosion of Dubai's economy which my colleague Deidre Woollard reported on last month is the plummeting value of trophy properties owned by certain superstars. Celebs including David and Victoria Beckham (above), Brad Pitt and Angelina Jolie, and Michael Jackson are losing £80,000 or over $100,000 a week as the luxury real estate they purchased in the over-inflated Emirate plunges in value, the London Daily Mirror reports. Posh properties that were worth £3.2 million (or about $4.4 million) in October now on the market for £1.6 million (or about $2.2 million), i.e. only half as much.

"The Dubai market has fallen off a cliff," Jack Whisker of luxury agents Dream Property Dubai tells the paper. "The credit crunch hit us suddenly because all the foreign investors lost confidence. It has hit the higher-value properties the hardest." In January Deidre reported that the Beckhams, who have a luxury villa on the Palm Jumeirah complex, were considering purchasing a second property in the Burj Dubai tower, so they could be doubly exposed. Brad and Angelina reportedly own one of the artificial islands in the out-there development known as The World.

Gallery: Dubai

Tags: Angelina Jolie, AngelinaJolie, Brad Pitt, BradPitt, Burj Dubai, BurjDubai, David Beckham, DavidBeckham, Dubai, Palm Jumeirah, PalmJumeirah, pamela anderson, PamelaAnderson, UAE, Victoria Beckham, VictoriaBeckham

Filed under: Estates, Real Estate Developments, Wealth

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Reader Comments (Page 1 of 1)

Mike Mar 14th 2009 3:13PM

Just reporting an article like this is an insult to most Americans. With millions losing their jobs we'resuppose to care about the filthy rich. Don't get me wrong, I don't fault them for having zillions of bucks but keep it to themselves, Idiot.

dayna Mar 14th 2009 5:27PM

you help them to be rich by giving them your hard earn money they collect from everybody and become rich.

Lane Mar 14th 2009 4:12PM

I really care about the downtrodden obscenely rich. Not!

Jim Mar 14th 2009 4:28PM

Waaah! Big Deal! People who really work for a living are losing their jobs and the only home they have and these fools expect us to feel sorry for them? They ought to try doing a real job and then we'll talk.

Loungechair Mar 14th 2009 4:58PM

BOO HOO HOO!! I COULD CARE LESS!!

glenn Mar 14th 2009 5:01PM

T S

rozcat Mar 14th 2009 5:01PM

They should have invested in America

Ironwulf Mar 14th 2009 5:23PM

Just think, in two hundred years, most of them will be broke !

Liz Mar 16th 2009 10:06AM

Good point! They have all these millions and they adopt kids from Africa (not the US) we all have have babys that need help. Why don't they invest more money in HOME than in other countries. Most countries are tired of them and the reporters. Everything is a big deal when big celebrities are around. With OUR economy being in so much difficulty, invest at home first ... all of you. we really are glad you are successful but spread the wealth ... work on healthcare for our country. Work on our country periuod. Other countries will have a lot more respect for you then.

dan Mar 14th 2009 5:46PM

NO ONE IS SAFE
FTW!!

SHERRY Mar 14th 2009 5:51PM

BOO HOO!!!!,,, it's about time these SUPER RICH celebrities come back down to earth and live like NORMAL people. I do NOT give my hard earned Money to these freaks!... It's ok to earn money, but when you FLAUNT it and KEEP Flaunting it, rubbing it in and acting like YOU are something special, that is when YOU make me sick to my stomach. SO they need ANOTHER condo huhh? WHY not help some poor people in Darfur! ... MY GOD, how much Luxury these people need anyway! They make me sick!..I NEVER GIVE THEM A DIME OF MY MONEY! Stop buying that silly Celebrity Perfume, stop making these Idiots MORE RICH, they all need to come back down to REALITY like the rest of the world!!...!(CC)Canada

Redbatt Mar 14th 2009 6:14PM

Oh, those POOR celebrities are losing money? I could care less! Maybe they should live like me, barely earning enough to buy groceries or pay rent, forget about doing anything extra, like going to the movies or shopping for fun. I wish they would all DIE-I could care less... Nobody needs THAT much money, anyways.

ddsp Mar 14th 2009 6:25PM

boo-hoo, sniff, sniff...

sam Mar 14th 2009 6:37PM

Who cares about the nasty filthy rich, is that bubble they live in bursting away? People here in this country are loosing their jobs , homes , thats reality..

CAF Mar 14th 2009 6:47PM

To quote a book I once read, this article does not meet the criteria of "general interest". Given the fact that these celebrities are in no danger of losing their livelihood as so many, not only in the USA but around the world are, I think this article is a "yawn".

Carmen Mar 14th 2009 7:14PM

Beckham sure cannot dress. that suit looks horrible.

MILLIE Mar 14th 2009 8:43PM

THE RICH INVESTED IN DUBAI ONLY TO GET MORE MONEY...THAT'S WHAT GREED DOES TO YOU...GOOD FOR THEM. THEY'RE ALL SO FULL OF THEMSELVES.
YES, WE REGULAR PEOPLE HAVE TO WORRY ABOUT OUR JOBS AND OUR RESIDENTS IN THIS RECESSION, BUT WE ARE EXPERTS IN KNOWING HOW TO SURVIVE AND GET BY ON VERY LITTLE...MONEY DOES NOT BUY HAPPINESS, OR GOOD HEALTH.THE BEST THINGS IN LIFE TRULY ARE FREE.......