eric pebble Report post Posted February 7, 2011 (edited) Candy brothers lose millions of dollars on LA property deal that turned sour Just look at those reptiles - they look GRIM don't they? Certainly not human or warm blooded...... http://www.telegraph.co.uk/news/worldnews/northamerica/usa/7280129/Candy-brothers-lose-millions-of-dollars-on-LA-property-deal-that-turned-sour.html REPTILIAN...... Let's hope they fry in hell...... Britain's most extravagant property developers may finally be feeling the pinch. With their celebrity friends, fleet of fast cars and yachts and homes in London and Monaco, Nick and Christian Candy were the brothers who had it all. Now, though, Britain's most extravagant property developers may finally be feeling the pinch. The Candys – through Christian Candy's company CPC – are being forced to hand back an eight-acre site earmarked for luxury apartments in Beverly Hills, California, after their consortium defaulted on a $365.5 million bank loan. http://www.telegraph.co.uk/news/worldnews/northamerica/usa/7280129/Candy-brothers-lose-millions-of-dollars-on-LA-property-deal-that-turned-sour.html Edited February 7, 2011 by eric pebble Quote Share this post Link to post Share on other sites
MrPin Report post Posted February 7, 2011 Even the bold can get it wrong! Quote Share this post Link to post Share on other sites
The Masked Tulip Report post Posted February 7, 2011 Maybe defaulting in no recourse California is the sensible business thing to do? I would not write them off yet. Quote Share this post Link to post Share on other sites
Saberu Report post Posted February 7, 2011 (edited) Maybe defaulting in no recourse California is the sensible business thing to do? I would not write them off yet. Notice that they owe the Californian bank around $365 million but defaulted, and this means they don't actually have to give the money to the bank and the bank definitely does not have recourse to forcefully get this capital from their international assets. And how much money was BACK HANDED to them from the half a billion dollar deal? No one knows, but I am telling you anyone as successful as these guys are pretty sharp minded and the only reason they would have paid such a huge amount for the Beverly Hills venture is they probably got something like $100 million back through some illegal behind the scenes deal. Maybe even $250 million? This is an obvious fraud to me, but it seems most of you like to take things at face value. Indeed if most of you knew as I do how corrupt the world of business is, you'd see this for the fraud it is. Because the corruption and fraud goes way past just banks. Another interesting point you will notice one of them has Holly Valance as their girlfriend, it seems Western girls like money as much as Asians once they get past a certain age- perhaps 25 on average. I'm sure the reason the guy wanted to be with her in the first place was more about fame and vanity of having a famous girlfriend than about her looks, with his money he could find a model much prettier than Holly Valance. Valance is so ugly, she's only worth a one night stand to me. Check out this pic- Edited February 7, 2011 by Saberu Quote Share this post Link to post Share on other sites
Bloo Loo Report post Posted February 7, 2011 Non recourse? for a business loan? for land? i doubt it very much. BUT, it IS a Corporation, so a chapter 11 may be sought. then these guys will be associated with a Bankruptcy. Quote Share this post Link to post Share on other sites
Nationalist Report post Posted February 7, 2011 Check out the scarves! I wonder if the "girlfriends" are actually beards.... Quote Share this post Link to post Share on other sites
Damik Report post Posted February 7, 2011 Candy brothers lose millions of dollars on LA property deal that turned sour Just look at those reptiles - they look GRIM don't they? Certainly not human or warm blooded...... http://www.telegraph...urned-sour.html REPTILIAN...... Let's hope they fry in hell...... Britain's most extravagant property developers may finally be feeling the pinch. With their celebrity friends, fleet of fast cars and yachts and homes in London and Monaco, Nick and Christian Candy were the brothers who had it all. Now, though, Britain's most extravagant property developers may finally be feeling the pinch. The Candys – through Christian Candy's company CPC – are being forced to hand back an eight-acre site earmarked for luxury apartments in Beverly Hills, California, after their consortium defaulted on a $365.5 million bank loan. http://www.telegraph...urned-sour.html what is these days $360 mills between friends ? Quote Share this post Link to post Share on other sites
miko Report post Posted February 7, 2011 This is no problem to them , as all they need to do is put the prices up at the 1 hyde park development . With these places flying out the door ( how many have they sold is it 2 ? ) the loses in LA will be like change down the back seat of the sofa. Quote Share this post Link to post Share on other sites
Executive Sadman Report post Posted February 7, 2011 Nick and Christian Candy were the brothers who had it all. They always look creepy to me. Quote Share this post Link to post Share on other sites
The Knimbies who say No Report post Posted February 7, 2011 Nick and Christian Candy were the brothers who had it all. Interesting use of the phrase. Seems anyone can keep the balls in the air for a short while, now a few years of easy credit-induced mania is viewed the same as some established business empire. When will the media start prodding around these figures to find out what's really going on? There must be plenty of high-profile BTL bankruptcies in the offing, which will do a good bit of PR for the bears. Most plonkers on the street are simply following the lead of those who 'have it all'. Quote Share this post Link to post Share on other sites
Buccaneer Report post Posted February 7, 2011 UK jobs boost from Qatar’s ventures The One Hyde Park development consists of 86 apartments, and with sales worth over £950mn so far, only 26 of the units remain Interior designer and property development manager Nick Candy has described Qatar as one of the “biggest players” in the London real estate market, praising the country’s visionary leadership for their strategic ventures into the UK capital. Candy was in Qatar following the launch of One Hyde Park - the most expensive real estate development in the world - backed by HE the Prime Minister and Foreign Minister Sheikh Hamad bin Jassim bin Jabor al-Thani and officially opened in London two weeks ago. The development is owned by Project Grande, a joint venture between Sheikh Hamad and CPC Group, owned by Nick’s brother, Christian Candy. http://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=414537&version=1&template_id=57&parent_id=56 Nice to see that they are doing their bit for jobs Quote Share this post Link to post Share on other sites
skomer Report post Posted February 7, 2011 Interesting use of the phrase. Seems anyone can keep the balls in the air for a short while, now a few years of easy credit-induced mania is viewed the same as some established business empire. When will the media start prodding around these figures to find out what's really going on? There must be plenty of high-profile BTL bankruptcies in the offing, which will do a good bit of PR for the bears. Most plonkers on the street are simply following the lead of those who 'have it all'. Judging by the media guff we had to suffer last week over their Knightsbridge development i doubt the press will be digging that deep. They are more interested in getting pretty pics of their blingy flats....Twigs in vase makes better copy Basically the whole event was free publicity stunt for them in order to get the BRIC buyers in and the media lapped it up Hope the Journo's who lurk on this site (whe know you do ) are more on the ball P.S Have to agree with the Holly Valance comments Quote Share this post Link to post Share on other sites
Mikhail Liebenstein Report post Posted February 7, 2011 Non recourse? for a business loan? for land? i doubt it very much. BUT, it IS a Corporation, so a chapter 11 may be sought. then these guys will be associated with a Bankruptcy. Yes, interest rates on all the other deals they now need to roll over will zoom up. They are known for overpaying for sites and then overpricing for what the deliver to their end customers - overpaying for land is fine as long as you still make a profit on sale. Of course, they haveempty sites lying around undeveloped at the moment, so one assumes the finance on these could become an issue. Quote Share this post Link to post Share on other sites
