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eric pebble

Property Magnate's £20m Home On Market After 'uk's Biggest Repossession'

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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.

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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

:lol::lol:

£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 :wacko:

[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 by niq

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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.

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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.....

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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.â€

:huh:

Edited by aliveandkicking

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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!

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Property 'Magnate'?

started in 2003... borrowed from Bear Stearns to buy in E Germany. bought 20M house in July 07

back o'the net

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"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.

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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!

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"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.

:P

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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?

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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.

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