Celebs Losing $100K a Week on Their Dubai Mansions
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.