eric pebble Posted June 15, 2009 Share Posted June 15, 2009 Property magnate's £20m home on market after 'UK's biggest repossession' A £20 million London property has been seized in what is understood to be Britain's largest house repossession. http://www.telegraph.co.uk/news/uknews/553...possession.html Quote Link to comment Share on other sites More sharing options...
Markie6 Posted June 15, 2009 Share Posted June 15, 2009 Mr Caner.... he has certainly caned the cash ...LOL Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted June 15, 2009 Share Posted June 15, 2009 It has gone up a million quid since you posted Eric. Housing market must be recovering Property tycoon loses his £21m home in Britain's biggest ever repossession http://www.dailymail.co.uk/news/article-11...possession.html How can any pile of bricks be worth anywhere near that much. Ludicrous! Quote Link to comment Share on other sites More sharing options...
SNACR Posted June 15, 2009 Share Posted June 15, 2009 Some lender somewhere obviously thought it was a good idea lending a billion quid to someone, not old enough to have experienced the last property crash, to spunk on property. Incredible that for the last decade, and still to a large degree, wealth is measured by who has borrowed the most money from the bank. Quote Link to comment Share on other sites More sharing options...
porca misèria Posted June 15, 2009 Share Posted June 15, 2009 (edited) Property magnate's £20m home on market after 'UK's biggest repossession'A £20 million London property has been seized in what is understood to be Britain's largest house repossession. http://www.telegraph.co.uk/news/uknews/553...possession.html £20m makes sense when you realise that £ was also the currency symbol for the Italian Lira (pre-Euro). (Yep, I used to get paid £several-million per month) [edit to add] When I first saw that on a restaurant menu, I had to blink a moment to realise it was a price for a meal, not for the whole bloomin' business [edit a second time to note] This forum software is bust. £ comes out just fine when I enter it, but "quick edit" screws it up. Trying full edit this time. Edited June 15, 2009 by niq Quote Link to comment Share on other sites More sharing options...
Little Professor Posted June 15, 2009 Share Posted June 15, 2009 It has gone up a million quid since you posted Eric. Housing market must be recovering Property tycoon loses his £21m home in Britain's biggest ever repossession http://www.dailymail.co.uk/news/article-11...possession.html It was only £15million back in December. House price crash cancelled! Quote Link to comment Share on other sites More sharing options...
Little Professor Posted June 15, 2009 Share Posted June 15, 2009 Some lender somewhere obviously thought it was a good idea lending a billion quid to someone, not old enough to have experienced the last property crash, to spunk on property. He bought the house using an offshore (Jersey-based) private limited company. The company has now gone into liquidation, wiping out its debts. The 'property magnate' will not be personally liable for any shortfall/negative equity, he can just walk away. Sweet deal. Quote Link to comment Share on other sites More sharing options...
eric pebble Posted June 15, 2009 Author Share Posted June 15, 2009 Some lender somewhere obviously thought it was a good idea lending a billion quid to someone, not old enough to have experienced the last property crash, to spunk on property.Incredible that for the last decade, and still to a large degree, wealth is measured by who has borrowed the most money from the bank. Yup. You just couldn't make it up. The whole world has been turned on its head. "Logic" is non-logic. BULLSH1T is "truth". Is it just my [our] age?? I have never known it so bad as it is now..... Quote Link to comment Share on other sites More sharing options...
aliveandkicking Posted June 15, 2009 Share Posted June 15, 2009 (edited) Seems this guy bought property in Eastern Germany expecting magical things to happen and it did not, and some of his mortgages were provided by Bear Stearns. Seems like a total disaster but he only started in 2003!! http://www.bloomberg.com/apps/news?sid=atQ...mp;pid=20601109 The 1.5 billion-euro insolvency is the largest in German real estate history The Austrian says he wants to clear his name and return to investing in real estate. “German real estate looks extremely interesting,†he said. “That’s why I have to fight to show that the wrongdoing was all on the other side. I know I’m right.†Edited June 15, 2009 by aliveandkicking Quote Link to comment Share on other sites More sharing options...
Fromage Frais Posted June 15, 2009 Share Posted June 15, 2009 He looks the part though I always wonder especially in this time of pyramids of ******** how far looking big bucks got you. I bet those S G Erricsson glasses where not that cheap. Nice Tan Patrick! Quote Link to comment Share on other sites More sharing options...
shedfish Posted June 15, 2009 Share Posted June 15, 2009 Property 'Magnate'? started in 2003... borrowed from Bear Stearns to buy in E Germany. bought 20M house in July 07 back o'the net Quote Link to comment Share on other sites More sharing options...
200p Posted June 15, 2009 Share Posted June 15, 2009 "The house is understood to include a swimming pool." ---- I hope it comes with a bathtub precariously placed ontop of the dresser, a feature that must also be included in the price of £20M, surely. Quote Link to comment Share on other sites More sharing options...
war Posted June 15, 2009 Share Posted June 15, 2009 Bought for 16 million at the peak. When did it become worth 20 million pounds? Anyway, we tax payers will be paying for this under Brown's leadership! Quote Link to comment Share on other sites More sharing options...
eric pebble Posted June 15, 2009 Author Share Posted June 15, 2009 "The house is understood to include a swimming pool."---- I hope it comes with a bathtub precariously placed ontop of the dresser, a feature that must also be included in the price of £20M, surely. Quote Link to comment Share on other sites More sharing options...
darwin Posted June 15, 2009 Share Posted June 15, 2009 Tycoon: I could have prevented £21m Mayfair repossession - link The Evening Standard is running the story tonight. Cevdet Caner had this to say: "I can't understand why they are doing this, other than to humiliate me and damage my reputation.†LOL, crazy name, crazy guy. I find this really interesting: his Monaco-based property investment company Level One, which acquires low-cost homes and social housing in Germany, was hit badly by the slump and went into administration last year. Was he another one of these bottom feeding scum landlords, trousering large amounts of state paid benefits à la a certain Mr Ahuja? Quote Link to comment Share on other sites More sharing options...
Prof Posted June 15, 2009 Share Posted June 15, 2009 Yup. You just couldn't make it up. The whole world has been turned on its head. "Logic" is non-logic. BULLSH1T is "truth". Is it just my [our] age?? I have never known it so bad as it is now..... It`s preposterous, isn`t it Eric ? PS. I like the word "preposterous" for some reason. It`s the favourite word of one of my mates. Quote Link to comment Share on other sites More sharing options...
eric pebble Posted June 15, 2009 Author Share Posted June 15, 2009 It`s preposterous, isn`t it Eric ?PS. I like the word "preposterous" for some reason. It`s the favourite word of one of my mates. Er...... Yes! Quote Link to comment Share on other sites More sharing options...
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