Sandbankrupts!

poppy10_2

MILLIONAIRES’ playground Sandbanks has been ravaged by the credit crunch, The Sun can reveal.

Renowned as one of the wealthiest places on the planet, the slump has ripped apart the luxury lifestyles enjoyed by many of its high-roller residents.

At least two multi-millionaires have gone bust — one losing a staggering £35million. Estate agents are struggling to sell any of the lavish mansions on the tiny peninsula.
Homes have been repossessed, restaurants have emptied and at least one hotel has been forced to close for half the week.

It is an amazing turnaround for the spit of land near Poole, Dorset — made famous last year in an ITV show hosted by Piers Morgan.
He revealed Sandbanks was the fourth most expensive place to live in the world. Locals were seen bragging about their swanky lifestyles, comparing the peninsula to Monte Carlo or Barbados.


And estate agents told how developers could not keep up with demand for £5million-plus homes. But now a Sun probe has revealed a very different picture, thanks to the crunch.

Several Ferraris and Bentleys are no longer to be seen. More than 30 per cent of the yachts and speedboats in the harbour are for sale.

Bar and property tycoon Richard Carr — shown on Morgan’s show sipping bubbly with beauties on his £2million yacht — now lives in a rented flat above a caf!.

Richard, 49, said: “I’ve lost the lot, my personal fortune and a lifetime’s work. I’m a total victim of the credit crunch.
“At one stage I was worth about £35million. Now I’ve got just £100 in my pocket. And a lot of big businessmen in the area will find themselves in the same boat.”

Richard bought four sites in Sandbanks, intending to build flash apartments. But banks pulled the plug. And the sites have become scruffy wasteland.

http://www.thesun.co.uk/sol/homepage/news/article2179462.ece

mystic_trev

Yep - It's getting very desperate there!

http://www.sandbankslife.co.uk/

Lotus-eater

How could he have been worth £35 million and now have £100?
More like he had assets of £35 million and £34.999 900 quids worth of debt.

Woby_Tide

Lotus-eater wrote: »

How could he have been worth £35 million and now have £100?
More like he had assets of £35 million and £34.999 900 quids worth of debt.

Welcome to the world of Richard Carr, a well known figure throughout the area

harryhound

I cannot believe that link is only 3 months old.....................
"The Russians are coming............"
The link to the "forum" gives error message 404, surprise surprise.

I built a castle there once; but the tide came in.

PasturesNew

Another flash tycoon featured in Morgan’s show, 44-year-old Ian Davies, fled Britain after his restaurant business went under.

He is said to owe hundreds of thousands of pounds — and left the mum of his baby daughter high and dry. Lydia Mirco, 21, said: “I don’t know where he is.”

B4rstew4rd. Left her behind to face his shame and creditors.

Mind you, 21, you know what's going on there. Trophy wife's been dumped.

mr_jetlag

Celebs with mansions or holiday homes in Sandbanks include soccer manager Harry Redknapp, ex-England footballer Darren Anderton, cricketer Geoff Boycott and ex-Formula 1 team boss Eddie Jordan.
Johnny Depp, Liam Gallagher and Kylie Minogue have been spotted house-hunting there.

Hey ho, the nouveau riche suddenly find their riche has vanished... :rotfl:

Seems to me the Sandbanks was a wannabe Dubai. A neighborhood exclusively for new money characters - con men, footballers or slebs. Who would want to live there anyway? Why would anyone pay a million quid for a chilly beach in Poole !!!!!!?

canyonroad

Why would anyone pay a million quid for a chilly beach in Poole !!!!!!?

To be fair, 1M pound only buys you a 4 bed fully detached pretty much anywhere short of central London. The same amount of money buys you a gigantic property in Florida, California, or the south of France.

It's only in rip off Britain that you see 2000 pounds worth of 1930's terraced brick sell for 700K. The whole thing is a total joke.

So 1M for something in Sandbanks sounds actually really cheap.

Really2

canyonroad wrote: »

To be fair, 1M pound only buys you a 4 bed fully detached pretty much anywhere short of central London. .

You can get 4 bed detached houses for around £200K over most of the country.
£1M will buy you a massive house out side the south east.

The further north you go the more you get.

Conrad

Always tickles me when on programmes like Dragons Den, we are told 'x' cleb business person is worth "a cool £250m". My expereince tells me in most cases in truth they owe almost as much as thier supposed worth.

A client ownes an IT company and is very flash, but he actually is worth zilch after debt. I always feel a bit of a pratt turning up in my modest 2004 car lining up next to his personal fleet, but then I wonder how he sleeps at night tbh.

Max_Headroom_3

Conrad wrote: »

A client ownes an IT company and is very flash, but he actually is worth zilch after debt. I always feel a bit of a pratt turning up in my modest 2004 car lining up next to his personal fleet, but then I wonder how he sleeps at night tbh.

You're quite right of course.

But to use this specific example if I may, in 100 years time you'll both be just as dead, but only one of you will have owned a fleet of swanky cars...