Barbados counts cost of credit crunch
It was planned as the most lavish millionaire’s hideaway yet on a Caribbean island already crammed with spectacular beach-front mansions.
The offer of a palatial residence in the Four Seasons complex in Barbados, overlooking white coral sands, presented a rare chance for music moguls turned reality TV stars Simon Cowell and Andrew Lloyd Webber to gain a toehold on the island’s exclusive “platinum coast”, where Tony Blair, retail tycoon Sir Philip Green and film director Michael Winner regularly holiday in a climate that is 28C (82F) and sunny almost all year round.
They are among several investors who have paid deposits on villas in the development, which cost up to $30m (£18m) each. The plans showed the best properties would come with an infinity pool on the terrace, a cinema, gym and even a wine cellar to keep the finest bottles cool in the tropical heat. A neighbouring Four Seasons hotel would provide room service and access to butlers, housekeepers, chefs, waiters, gardeners and night watchmen for an extra cost.
But that pampered dream, offered by established British developer and hotelier Mike Pemberton and his business partner Robin Paterson, does not look likely to be fulfilled in the near future. Construction on the project stopped at the height of the credit crunch in February, leaving a trail of creditors and hundreds of Chinese labourers unemployed. Now, the prime minister of Barbados, David Thompson, has stepped in to mediate in an attempt to get the project back on track.
via Barbados counts cost of credit crunch | World news | The Guardian.