Welcome to the real world, celebs…seems that the celebrities that own houses over in Dubai–among them Brangelina, David and Victoria Beckham, and for some reason Michael Jackson–are getting pounded by the massive contraction in real estate prices.
In fact, the current word says they’re losing as much as–get this!–a HUNDRED GRAND A WEEK.It’s gotten so bad that Jack Whisker of luxury real estate firm Dream Property said:: “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.”
Considering how many people have lost their homes outright in this credit mess, it’s hard to feel TOO bad for millionaires losing a sack of cash a week on their houses, but still–you can’t help but feel a little something for them.
Even celebrities buckle under market pressures too, and that’s oddly comforting.
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