Last time we checked out the Watergate hotel back in 2007 the hotel was holding a liquidation sale in advance of a major renovation. Now the Washington Post reports that the infamous Washington D.C. hotel could be the latest hotel to head for foreclosure. Washington developer Monument Realty defaulted on a $70 million loan that came due this week. Monument bought the hotel five years ago and it has been closed ever since. Initially the developer planned to cash in on the real estate craze by turning it into luxury co-op apartments. Last year it decided to keep it as a hotel. Lehman Brothers was also a partner and equity investor in the property.

Michael J. Darby, a company principal and co-founder of Monument told the Washington Post that the company is still committed to the project and thinks the Watergate can be a "great hotel in the future." Monument is working with the lender, New York-based PB Capital, to restructure the loan. The Washington Business Journal reports that PB Capital has its own problems. Back in December PB Capital moved to foreclose on the Dumont Condominium.

The last few months have seen a rash of hotel projects facing foreclosure all around the country. The Watergate is at a distinct disadvantage because it is not open like many of the other hotels so there is no revenue coming in. What it does have is name recognition courtesy of Richard Nixon but it's not clear if that name can become associated with something more than scandal.

Need to really get away from it all? Broad Key in Florida offers 63 acres of private island bliss. The island includes a five-bedroom main house, a guest and caretaker's cottage, boathouse and a 33 foot dock. The island has its own water storage, solar generator power system, satellite dish communication and video security equipment. There is also a helicopter landing area. The island is listed at $20 million putting it at the higher end of Florida private islands for sale.

The headline on the website for the Tacoma Esplenade condo project says "navigate a new life" but that life may be snagged up in foreclosure. The Tacoma News Tribune reports that the $80 million Tacoma, Washington waterfront condominium project is facing foreclosure by late August unless the developer can find new sources of funding. The project is a nine-story building with 162 units, just ten of which have been sold.None of the retail spaces have been rented. The project was part of a larger plan to revitalize the formerly industrial area with new housing and a hotel. The hotel never broke ground and that land is now for sale. The owners of the Esplenade have until August 21 to escape from foreclosure but it will be a challenge, partially because of the building's low occupancy rate which makes it hard to get funding.

Jim Kirk is the name of a fictional character but it's also the name of the former CEO of NationsRent who happens to own a huge California cattle ranch. The Wall Street Journal reports that Oak Ridge Ranch, his 6,375-acre California cattle ranch is on the market for $33 million. This huge unspoiled property is located around 23 miles east of Carmel-by-the-Sea in Northern California. The property includes a 5,700-square-foot, four-bedroom stucco main house, a three-bedroom guest house, and a caretaker's residence. There is also a two-car garage, pool and hot tub. The ranch has an extensive road system that makes all areas of the ranch accessible. It offers good water with 12 developed springs and 21 stock ponds and it is home to deer, turkey, quail, bobcat and Russian wild boar.

The barn includes a tack room large enough to accommodate 25 saddles, a full bath, kitchen and dining area used for entertaining, two second-floor studio apartments used for live-in workers as well as a full set of working corrals on site. A maintenance shop includes several storage areas, a full bath, walk-in cooler, supply and tool area with several work benches with a fueling station and a supply shed outside the shop. The ranch is currently home to 150 mother cows (black angus) and has a total carrying capacity around 400 head.

The ranch estate is being offered through Hall and Hall for $33,000,000 or individual large parcels starting at $5,000,000.

Just how much is relatively undeveloped land in the Hamptons worth? We've seen the Tyndal Point property on the market for several years. The 55-acre property first hit the market in 2007 for an astounding $80 million. Ah those were heady days. Newsday's Real LI reports that the property, which was priced at $75 million last year, is now down to just $49.9 million. Real LI reports that Scott Strough of Strough Associates says that since the price reduction he's had major interest from a variety of sources.

The land, which has 3,000 square feet of beachfront, can be subdivided into three estate parcels of two lots each. Right now there is a main house and two additional residences on the property. There are also two deepwater docks. The owner of Tyndal Point is retired lawyer Robert Rust, who inherited the property from his aunt. She paid about $200,000 for the land more than 50 years ago.

The first iBidcondo auction took place last months and a $690,000 condo at the Star Riverside complex in Austin sold for around $87,000. The beat goes on with iBidcondo's announcement that the will be auctioning off a unit in the Beat Condos in Dallas Texas on July 27.

Up for bid is a two-bedroom unit on the 4th floor, with a "retail price" of $280,000 which is expected to sell for between $50,000 - $100,000. The building is a ten-story concrete, steel and glass tower with a salt water pool with spa, poolside cabanas and a multiuse facility perfect for entertaining guests; controlled access entry and gated, garage parking.

The way iBidcondo works is that you buy a seat for $100. The seats cover the cost of the property so that the auction price is donated to a charity. You can see an interview with the winners of the first auction on the iBidcondo website.

Back in March, I mentioned the unfinished Waterview Tower and Shangri-La Hotel project in Chicago. Now CB Richard Ellis Inc.has an unenviable task, finding a potential buyer for the stalled project. The firm is seeking potential investors willing to take on the unfinished building which is, as Chicago Business calls it "a 26-story concrete monument symbolizing the excesses of the real estate boom."

Whoever takes on the project is facing a bit of a mess. The developer, an affiliate of Chicago-based Teng & Associates Inc., ran out of money last year and Bank of America has has filed to foreclose on the tower seeking to get back a $20-million loan. Construction firms have also said that they're owed a combined $85 million. Teng and the project's creditors have all signed off on the decision to sell the property hoping to get back whatever money they can. While CB Richard Ellis hasn't put an asking price on the project whatever it sells for probably won't allow anyone to break even. Some have gone as far as to say that it's worthless and that the city has more than enough condo and hotel space right now. Others point out that it does include space for a 492-car garage and zoning would allow for a 90-story building, the original plan.

MGM Mirage and New Giza for Real Estate Development have announced plans for the MGM Grand New Giza on the outskirts of Cairo, Egypt. Equity funding for the development will be provided by New Giza for Real Estate Development while MGM Mirage will provide management services and branding. The 550-room MGM Grand will have views of the city of Cairo and the pyramids of Giza and will be connected via electric train to the new Egyptian antiquities museum currently under construction.

The New Giza development is a new master-planned community that is built over 1,500 acres of land and will include homes, hotels, restaurants, malls and a golf course. Around 80 percent of the 2,500 villas and townhomes will enjoy all-around views of Cairo and the Pyramids of Giza. The hotel is currently under design and is expected to open in 2013.

More trouble on the Las Vegas Strip. The Fontainebleau Las Vegas, a $3 billion resort under construction on the Strip has filed for bankruptcy-court protection. The resort has sued a group of lenders who reportedly backed out of an $800 million loan that was necessary to complete the project. Fontainebleau Las Vegas has said that is is filing a $3 billion lawsuit against its lenders for breaking their commitment to the project.

In related news, Crown Ltd., Australia's largest casino owner wrote down the value of its 19.6 percent equity stake in Fontainebleau Resorts LLC to zero. The carrying value of $22 million of debt in Fontainebleau is also expected to be written down to nothing and Crown doesn't plan to contribute anything else to the project.

The resort owners have said that they are still pursuing alternate financing to finish the project. For now though, construction has slowed to a crawl. The Fontainebleau would offer nearly 4,000 rooms in the area where the El Rancho and Algiers casinos were once located. it includes a casino, spa, performing arts theater, condo-hotel units, retail space, conference space and nightclubs, lounges, restaurants and even a chocolate factory. It was expected to open later this year. An animated rendering of the project is after the jump.

We first heard in December that Tim Blixseth has placed Emerald Cay, his private island, up for sale for $75 million. Now that it has been on the market for six months for the same price it may be time for a price cut. It's more expensive than other Caribbean private islands but the five-acre private island, located off the coast of Providenciales is a complete compound. It has a guest house, a 'floating' tennis court, swimming pool, a gym, movie theater, three-story library and a wine cellar that holds 8,000 bottles. The island also has a several docks and a manmade beach. It connects to the mainland via a retractable bridge. Blixseth had planned to rent the property out as part of the Yellowstone Club World property portfolio. Even though it is a beautiful property which cost millions to bring to its current state of glory if Blixseth wants to sell he's probably going to have to adjust his expectations. After all, he's got bills to pay.

Meanwhile, it's liquidation time for Tim Blixseth's ex-wife Edra. A judge has converted her Chapter 11 bankruptcy case into a Chapter 7 liquidation proceeding. An independent bankruptcy trustee will see that proceeds from the sale of assets named in the Yellowstone Club bankruptcy action are turned over to creditors. Blixseth's Yellowstone Club was sold in a court-approved deal to Boston-based CrossHarbor Capital Partners for a bargain basement rate of $115 million. Tim Blixseth had turned the club over to his wife as part of their divorce settlement. Edra Blixseth also owns Porcupine Creek, a 240-acre estate in Rancho Mirage, California. For a while she's had Chateau de Farcheville, a medieval castle in France that comes with a moat, hunting grounds and its own helicopter pad on the market for $57 million. The St. Andrews golf estate in Scotland is also for sale. Edra Blixseth also owns significant collections of furniture, fine art, diamonds and other jewelry valued at $2.6 million, a 2004 Rolls Royce Phantom, a 2006 Aston Martin, and a 2007 BMW.

This week a dedication ceremony was held to mark the official opening of The Residences at the Ritz-Carlton in Philadelphia. The 48-story, 270-residence building is being called the most luxurious residential project ever built in the city. The residences have five-star Ritz Carlton amenities and the building includes a restaurant by celebrity chef Eric Ripert in the lobby. Units are listed from $500,000 to $12 million and offer amazing views like the one shown above.

Residences at Ritz-Carlton developer Craig Spencer told the Philadelphia Inquirer that he turned down a "$1.3 million all-cash sale from a buyer who wanted me to cut the price by $50,000." Spencer, whose Arden Group poured around $300 million into the project isn't planning to let the current economy dim his outlook. He says that 80 units have closed but that he'll likely lose half of 37 pending agreements for a variety of reasons, including the main issue plaguing so many top-tier luxury condos, the fact that jumbo mortgages have become scarce. Spencer says he can afford to wait, unlike other developers who have just a whisper of a cushion between projected sales and possible disaster, he has five years to completely sell out the building. The building is located on One Meridian Plaza where three firefighters died and 24 were injured in a fire in 1991 and a memorial will be placed by the entrance.

Thee 10,000-sq.-ft., $12 million penthouse will be a contender for the the most expensive condominium ever sold in Philadelphia. The current record is $7.678 million for a unit on the 46th floor of the Two Liberty complex. It's main competition will be the duplex at Two Liberty that is on the market for $30 million. Hopefully they will have better luck than the Ritz-Carlton residences in Boston are currently experiencing.

In good times when money is flowing and everything's coming up roses sometimes the impossible seems not just doable but necessary. A manmade lake surrounded by an Italian-style village in the middle of the desert starts to sound not like some sort of fevered heat fantasy but like a smart business decision (and you can even throw a floating ice rink on that lake for good measure). But the development at Lake Las Vegas is starting to look like a stock market mirage. The LA Times has a great piece assessing the damage and chronicling the decline of a neighborhood that has been home to Celine Dion and a Ritz-Carlton.

The trouble began last year as Las Vegas real estate continued to sink. The developer, Transcontinental Corp., lost the property in foreclosure after defaulting on $540 million in loans and the new owners of Lake Las Vegas filed for Chapter 11 bankruptcy last summer. The Ritz-Carlton owned by Village Hotel Investors LLC, also filed bankruptcy and was been sold to new owners and one of the area's golf courses has been abandoned. The Ritz-Carlton remains open is offering a variety of deals that include free nights and special rates.

The Visioniare condominium complex in Manhattan's Battery Park City has received LEED Platinum certification from the U.S. Green Building Council (USGBC), marking it the only LEED Platinum condominium on the east coast. The complex offers energy savings of more than 40 percent and has a high-efficiency air filtration system that conditions, filters and supplies fresh air to each home. A water treatment system recycles water and provides make-up water for the HVAC system cooling tower. The 35-story curved-glass tower has 247 units with a rooftop garden, solar panels and a central heating and cooling system powered by natural gas. Units cost from $825,000 to $2,950,000.

In early May I crossed the East River from midtown Manhattan to Roosevelt Island, home to a number of new, luxury real estate developments. After just a few minutes on the F subway line (or you can take the famous tram), I met with two representatives from Related Companies, one of the country's premier real estate development groups, and had a personal tour of Riverwalk Court, the newest condo offering on the island.

About 10 years ago, Related, along with The Hudson Companies, Inc., won the NYC contract to develop Roosevelt Island. And they have a done a spectacular job with Riverwalk Court. The 18-story condominium building was designed by award-winning architectural firm Costas Kondylis and Partners, and every unit features huge, insulated windows; light, neutral colors; stainless steel appliances and black granite countertops; a washer/dryer; and the best part -- city or bridge views from every apartment. The building's amenities include an entertainment lounge for relaxing with other residents; a fitness center for cardio and yoga; a rooftop terrace; and a children's playroom. As I felt about another Related property I visited, the Caledonia, suddenly my pretty nice apartment and building seemed like a shack, and I wanted to pack up that night and move right into Riverwalk.

Residents of Riverwalk get more than a nice apartment, however. Related is known for its personalized service and concierge amenities (e.g., 24-hour concierge/doorman), and these 123 condominium residences, which range from 1BR - 3 BR with an equal number of baths in each home, offer all of that plus price tags lower than Manhattan for the same, if not better, quality. Plus, Roosevelt Island residents get more -- green space, river breezes, quiet days and nights, minimal traffic, no garbage trucks clanging and squealing in the middle of the night (the island has a Walt Disney World-like underground trash system) and even a 25-cent local bus to take you around the two-mile, 47-acre island if you don't want to walk in the rain or have groceries to carry.

For those who prefer to rent, there's Riverwalk Crossing, Roosevelt Island's only new luxury rental property. Also designed by Kondylis and part of the Related/Hudson portfolio, amenities include an entertainment lounge, bike room, fitness center, and lushly landscaped gardens with an outdoor sun deck, dining terrace, and barbeque grills. As part of the Related Rentals portfolio, Riverwalk Crossing offers its residents RelatedStyle Services, a suite of rewards and services that include the Related Personal Assistant, Move-In Coordination, Resident Service Specialist, as well as exclusive Equinox Fitness membership opportunities. Residents also will have the option to pay rent with a rewards-eligible credit cards.

After my sojourn to Roosevelt Island, I just may make it my next home. Or at least head back there this summer to enjoy all the activities and river air.

Take a look at the gallery for photos of these two communities.

Last week we brought you the yacht and vacation homes of money-laundering lawyer Marc S. Dreier. Now Bloomberg reports that he will also lose his luxury condo at Manhattan's One Beacon Court. Dreier is currently confined under armed guard at the residence. He is being sentenced for charges of money laundering, conspiracy, securities fraud and wire fraud on July 13 and the auction will be held by David R. Maltz & Co. on July 21. Drier paid $10.4 million in 2007 for the four-bedroom unit. Drier's schemes cost his victims $400 million and he could face a life sentence. Cityfile has a tour of the apartment from before Drier moved in.

One Beacon Court, also known as the Bloomberg Tower because it is the headquarters of Bloomberg LP, was designed by architect Cesar Pelli. It nicludes a fitness center, business center, children's playroom and more for which you'll spend over $4,000 in monthly common charges. There are many units for sale in the building including the one belonging to Formula 1 boss Flavio Briatore listed for $25 million.