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Sledgehead

World's 5th Richest Sells 41% Canary Wharf Stake

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Story broke eleven days ago and Commercial property related, but interesting nonetheless to see what the world's 5th richest man ( Forbes Rich List ) is doing with his money.

Alwaleed Sells 41% Stake In Canary Wharf , 8th August 2005

As I've said before, the world's second richest man, Warren Buffet, lives in the house in which he grew up in 'hicksville' USA.

Edited by Sledgehead

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This is very interesting indeed. Anyone who remembers the last crash should recall that during that time Canary Wharf was unsellable.

Indeed, like I say, he bailed it out, buying in 1995. Clearly, you might want to believe his timing was pure luck. Then again ... being the 5th richest (oil considered) you might want to credit him with at least a modicum of financial accumen.

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This is very interesting indeed. Anyone who remembers the last crash should recall that during that time Canary Wharf was unsellable.

The Canary Wharf property market is 99% speculation. No-one buys there because they are looking for a 'home' to live in. You've only got to go there to see why.

Property sentiment swings are more extreme there than anywhere else i would imagine.

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Back in April, Alwaleed was quoted in a media report as saying that he would "never sell" his Canary Wharf investment.

:lol: Al-Waleed displays the classic cunning of a seasoned merchant. Make sure you ramp it up for the last few months, whilst quietly flogging it, hoping no-one will notice...

frugalista

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