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In the News: Celebs Losing Big Bucks on Their Dubai Digs

As you know, the effects of the credit crunch are being experienced worldwide. Even some of the world's wealthiest celebs are being hit hard. Celebrities like the Beckhams, Michael Jackson, and Brad Pitt and Angelina Jolie are losing $110,000 a week as the value of their luxury Dubai villas crashes. For the last few years, stars have been snatching up vacation properties in Dubai like kids at a candy store, many at the World Islands developments, a series of artificial peninsulas in the Persian Gulf shaped like continents. A slew of British soccer players, Beckham included, bought six-bedroom villas for around $1 million for in 2002, which quadrupled in value over the past six years. They've since lost millions as Dubai was hit by a housing market crash in October. I'd assume that Brad Pitt's plans to design an eco-friendly hotel in Dubai have also threatened by the economy. While I certainly don't wish this sort of financial loss upon anyone, it doesn't seem like any of the celebs in question are actually struggling to make do, so I won't be throwing any pity parties.

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