This abandoned $200 million “luxury hideaway” will give you chills.
Recently, hundreds of imaginary chateaux being built for affluent Gulf investors leased space to new occupants. Ghosts. The Sarot Group, the project’s developer, started work on the Burj Al Babas in the northern Bolu region of Turkey in 2014, but they haven’t raised the money to finish it yet.
A court-ordered bankruptcy judgement for the $27 million debt due by the Burj Al Babas has been received by the Sarot Group. The project’s website states that swimming pools, Turkish baths, health and beauty centers, a mosque, and 732 chateau-style villas were all planned. It is not enough, even though customers from Saudi Arabia, Qatar, Bahrain, Kuwait, and the United Arab Emirates have bought only 350 of the 587 villas that were constructed.
Mehmet Emin Yerdelen, chairman of Sarot Group, told Hurriyet, “We couldn’t obtain nearly 7.5 million dollars in receivables for the villas we sold to Gulf countries.” “We requested bankruptcy protection, but the court rejected our request.”We intend to submit an appeal.”
