Celebrity investments in Dubai turn sour

The global economic slump is now affecting the Dubai property markets.  Well-known investors like Brad Pitt, his wife Angelina Jolie, football superstar David Beckham, and a host of other celebrities could lose their shirts.

They had bought villas in Palm Jumeirah in Dubai, a luxury development that juts out into the Gulf.

The concern is that the property developer Nakheel, may not be able to continue developing the Palm and neighboring projects, leaving Dubai and its coastal waters an ugly, unfinished construction site.

Nakheel, which is a subsidiary of the government-owned conglomerate Dubai World, is reportedly heavily in debt by as much as US$60 billion.  Both recently made a request to suspend their debt payments.

[via news.sky.com]