The Recession Hit Villas Of Celebrities

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oi-Staff

By Staff

Friday, March 13, 2009, 12:44

The recession seems to hit not only the ones in the middle class but also those in the upper levels too. David Beckham, Victoria Beckham, Michael Jackson and Brad Pitt are also experiencing the bitter taste of redundancy blues.

The report says that the above said celebrities are losing 80,000 pounds on their posh Dubai villas. The credit crunch had forced the then lucrative investments to strip down in half the value.

Many investors had shelled upto 3.2 million pounds on pads in Palm and World Islands developments, a string of imitated peninsulas in the Persian Gulf earlier. Other celebrities in this list include Angelina Jolie, England cricketer Andrew Flintoff and ex-Formula 1 champion Michael Schumacher.

Jack Whisker, of luxury agents Dream Property Dubai, says, "The Dubai market has fallen off a cliff. The credit crunch hit us suddenly because all the foreign investors lost confidence. It has hit the higher-value properties the hardest. Four bedroom villas worth 3 million pounds a couple of months ago are now being sold for 1.5million pounds."

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