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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.

Join The Conversation
brielleblonde brielleblonde 8 years
it's a dumb investment because celebrities are investing in the 7 star hotels.... not affordable housing. And even if they were "investing" in affordable housing they wouldn't be getting a very high return on that!
Lilavati Lilavati 8 years
Oh, I wish I could afford one! ;) As for feelings, no pity, no jealousy, no "good for you", nothing - we've all got bigger fish to fry.
brielleblonde brielleblonde 8 years
It was a really dumb investment on their part. Have you seen how much expansion and building was going on in Dubai. I don't care how over crowded this world is, they were building WAY to many home/apartments/hotels!
aimeeb aimeeb 8 years
Poor poor rich stars...
kurniakasih kurniakasih 8 years
I'd still trade my checking account for theirs LOL Anyhoo, not throwing any pity party here.
bibliophile bibliophile 8 years
Yeah, I'm not too sympathetic either.
sucks to be them,, like really...
urban-chic-101 urban-chic-101 8 years
Wow shocking.... I was wondering when this was going to happen.
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