PalmJumeirah

Celebs Losing $100K a Week on Their Dubai Mansions

Filed under: Estates, Real Estate Developments, Wealth

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

World's Most Extravagant Party in Dubai Will be Visible from Space

by Jared Paul Stern (RSS feed) —

Filed under: Luxury Travel & Hotels, Events

Later this month, billionaire tycoon Sol Kerzner will launch his lavish new resort in Dubai with a $25 million party featuring a fireworks display so massive it will be visible from space. The event, for the grand opening of the $1.5 billion Atlantis, The Palm, will have 2,000 guests and last four days capped by a performance by Kylie Minogue (her first in the Middle East), and is being billed as the world's most extravagant party, the London Telegraph reports.

The 1,500 room resort, located on the world's largest manmade island, the Palm Jumeirah, covers several square miles, features 16 restaurants including a branch of Nobu, and is partially bankrolled by the Dubai Royal Family. The fireworks display is being put on by the same pyrotechnics experts who produce the Olympics opening ceremony; however the Atlantis display will be ten times larger than the one in Beijing, making it visible from space.

Gallery: Dubai

Tags: Atlantis, Dubai, Fireworks, kylie minogue, KylieMinogue, Nobu, palm jumeirah, PalmJumeirah, Sol Kerzner, SolKerzner

First Residents Move Into the Palm Jumeirah

by Deidre Woollard (RSS feed) —

Filed under: Estates

The first residents of the Palm Jumeirah, the massive palm-shaped island off the coast of Dubai, have moved in and as the AP reports they seem quite content so far. The AP profiles Andrew Dukes who was the first to move into his island mansion. Dukes, formerly an executive with a London-based Internet company, paid around $1.36 million for his house over a year ago and it is now worth nearly double. The new land which was made from sand dredged up from the sea and rock from nearby mountains, will also be home to hotels, including one by Donald Trump, a monorail, and a water theme park. Buyers of the development include citizens of the United Arab Emirates and neighboring countries and speculators and residents from around the world. Part of the Palm Jumeirah also serves as a labor camp for the thousands of construction workers working on the project. The other projects by Nakheel including the ambitious "World" project are still under development.

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Tags: development, dubai, estates, palm jumeirah, PalmJumeirah, united arab emirates