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Beckham, England stars may lose millions after Dubai developer runs out of cash

Posted By: Staff

London, Nov 27 (ANI): Ace England midfielder and other Premier League stars could lose millions after buying up mega bucks apartments in Dubai.

Beckham and Premier League aces Michael Owen, David James, Joe Cole and Kieron Dyer all reportedly invested in one million pound luxury villas on amazing islands shaped like a palm tree, but the developer, Nakheel, has run out of cash, saying it can no longer pay its debts. nd it is feared the builders will not be able to finish the ambitious Palm Jumeirah project. This could mean the players' luxury homes will then neighbour an ugly unfinished construction site - and plunge the property prices of their apartments, The Sun reports.

Hollywood star couple Brad Pitt and Angelina Jolie are also said to have bought homes on the islands, which jut out in to the Gulf Sea.

Some 2,000 villas and townhouses on the Palm went on sale in 2002 and sold out in a month with Premier League stars and celebrities snapping them up.

But Nakheel, the retail arm of Dubai World, is now in deep trouble and struggling to cover its growing debts.

Barcroft MediaDubai World, owned by the Dubai government, is 60 billion dollars in debt.

It is asking creditors if it can postpone its forthcoming payments until May next year. (ANI)

Story first published: Friday, November 27, 2009, 13:24 [IST]
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