I admit, it never would have occurred to me that this housing development in Turkey was not destined for success:
Nestled into the beautiful rolling hills of central Turkey, there’s a housing development of apocalyptic proportions. Rows of identical faux chateaux sit empty at the Burj Al Babas complex after its developer, Sarot Group, recently filed for bankruptcy.
When construction started in 2014, the Burj Al Babas was supposed to be a luxury residential retreat for wealthy investors from the Middle East. The $200 million complex called for 732 identical homes in the style of the French chateaux, each with an ornate facade, Juliet balconies, and a round turret fit for a princess. The interiors could be customized to the buyer’s desires.
The cookie-cutter mini-castles were going for anywhere from $370,000 and $530,000, and according to Bloomberg, plenty of people were already buying them. Just not enough, apparently. By the time the developer filed for bankruptcy, they had completed 587 homes and were $27 million in debt.
At first glance, I assumed it was in China.