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Source: http://uk.news.yahoo.com/itn/20070810/ten-...-ea4616c_1.html

Hollywood hunk Colin Farrell has reportedly shunned celebrity property hotspots such as New York and LA to buy a block of flats in Bolton.

The bad-boy actor has apparently forked out £3 million to purchase the building, which contains 26 individual flats.

The Miami Vice star paired up with U2 drummer Larry Mullen to snap up the development.

The celebrity duo were attracted to the property in the industrial Lancashire town because there is £500 million of regeneration money about to be pumped into the area.

Farrell and Mullen are expected to pick up a tidy profit by renting all the flats in the building.

The high-profile purchase is likely to be welcomed as a major boost to Bolton, putting it on the map as an up-and-coming investment location.

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a tax dodge, as much as anything. Letting the tax tail wag the investment dog, their accountants need shooting!

How's it a tax dodge? I'm genuinely curious as to how they'll avoid paying tax that they wouldn't otherwise pay at the same time as making a profit on this.

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Source: http://uk.news.yahoo.com/itn/20070810/ten-...-ea4616c_1.html

Hollywood hunk Colin Farrell has reportedly shunned celebrity property hotspots such as New York and LA to buy a block of flats in Bolton.

The bad-boy actor has apparently forked out £3 million to purchase the building, which contains 26 individual flats.

The Miami Vice star paired up with U2 drummer Larry Mullen to snap up the development.

The celebrity duo were attracted to the property in the industrial Lancashire town because there is £500 million of regeneration money about to be pumped into the area.

Farrell and Mullen are expected to pick up a tidy profit by renting all the flats in the building.

The high-profile purchase is likely to be welcomed as a major boost to Bolton, putting it on the map as an up-and-coming investment location.

How about I call you 'scum' you tweeb

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Celebrities have been buying property in Cornwall for awhile.

Newquay has become a building site - all posh new builds. Built for London money (what bonuses now????)

An "A list celeb" has certainly bought two in one block

And I heard Gloria Hunniford has bought something (her son/step-son/something similar has a hairdressing business in town there)

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Bolton an "up and coming investment location"? Pff! Have they ever been to Bolton?

Latvia was thought of as "up and coming" too. Look what is happening to that area.

IMO Colin took some advice from a local EA and not knowing any better thought now was a good time to be getting into BTL in one of our most depressed towns.

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How's it a tax dodge? I'm genuinely curious as to how they'll avoid paying tax that they wouldn't otherwise pay at the same time as making a profit on this.

well, they won't be paying tax as long as it remains "parked" in property.

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well, they won't be paying tax as long as it remains "parked" in property.

They could achieve the same effect by sticking it in a zero interest bank account - for a lot less cost and no risk. I still don't see how this is a tax dodge, they've presumably paid whatever tax they needed to pay on the money when they earned it (income tax, capital gains, whatever) so how does putting the money into property reduce their tax over just leaving the money in the bank or investing it in equities or something?

- edited spelling

Edited by tbatst2000

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Latvia was thought of as "up and coming" too. Look what is happening to that area.

IMO Colin took some advice from a local EA and not knowing any better thought now was a good time to be getting into BTL in one of our most depressed towns.

Yeah, Bolton is a bit of a dump. There might be some ripple out effect from Cheshire I suppose but I wouldn't want to bank on it. Still, it's nice to see the rich and famous deciding to become social landlords, whether that's what they intended or otherwise!

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Guest Yeahbutnocrash
Source: http://uk.news.yahoo.com/itn/20070810/ten-...-ea4616c_1.html

Hollywood hunk Colin Farrell has reportedly shunned celebrity property hotspots such as New York and LA to buy a block of flats in Bolton.

The bad-boy actor has apparently forked out £3 million to purchase the building, which contains 26 individual flats.

The Miami Vice star paired up with U2 drummer Larry Mullen to snap up the development.

The celebrity duo were attracted to the property in the industrial Lancashire town because there is £500 million of regeneration money about to be pumped into the area.

Farrell and Mullen are expected to pick up a tidy profit by renting all the flats in the building.

The high-profile purchase is likely to be welcomed as a major boost to Bolton, putting it on the map as an up-and-coming investment location.

"If it works" - Is this pretty much guaranteed to work?

If so it means the demand must be there so what's the problem?

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"If it works" - Is this pretty much guaranteed to work?

If so it means the demand must be there so what's the problem?

Oh those flat will have tenants in them. Just nice DHSS ones who'll gut them.

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Guest AuntJess
Bolton an "up and coming investment location"? Pff! Have they ever been to Bolton?

Quite. :) 98% the people I've known who lived there, don't live there now. Too much traffic, too noisy, too everything.

Quite good shops though.... ;)

Edited by AuntJess

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Source: http://uk.news.yahoo.com/itn/20070810/ten-...-ea4616c_1.html

Hollywood hunk Colin Farrell has reportedly shunned celebrity property hotspots such as New York and LA to buy a block of flats in Bolton.

The bad-boy actor has apparently forked out £3 million to purchase the building, which contains 26 individual flats.

The Miami Vice star paired up with U2 drummer Larry Mullen to snap up the development.

The celebrity duo were attracted to the property in the industrial Lancashire town because there is £500 million of regeneration money about to be pumped into the area.

Farrell and Mullen are expected to pick up a tidy profit by renting all the flats in the building.

The high-profile purchase is likely to be welcomed as a major boost to Bolton, putting it on the map as an up-and-coming investment location.

They are just the same as the rest,they will pull out if going gets tough.

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Latvia was thought of as "up and coming" too. Look what is happening to that area.

IMO Colin took some advice from a local EA and not knowing any better thought now was a good time to be getting into BTL in one of our most depressed towns.

Another stupid (famous) ba*tard who thinks he can make a killing by being a landlord . :blink::blink:

He's a nob - get him tae f*ck.

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Bolton an "up and coming investment location"? Pff! Have they ever been to Bolton?

Colin would love it, it's full of aggression - like most Northern towns it's a lovely duo-ethnic mix: white tattooed, hard drinking pshycopaths living side-by-side with increasingly self-ostracised, violent islamo-fascists. Great future capital growth!

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It is a funny thing BTL probably one of the most unethical ways of making money but seems to attract supposed lefties. A real business creates jobs and certainly doesn't push the prices of essential goods up for the local population but probably seen as more evil by people that have no qualms about getting into BTL.

Very like parents buying a 4x4, you would think having a child would make them try and take care of the planet but doesn't seem to be the case for a load of people.

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It doesn't really matter what celebrities and rich people do with their money.

Ultimately they won't end up unemployed or on minimum wage for the rest of their lives, having to get things they need from freecycle and renting a grotty bedsit.

They've got other money. And often royalties. And if all else fails, they can relaunch their careers or phone around all their friends for opportunities.

If I could remember their names I could give an example, but there was one really annoying couple who went bankrupt, but still/again live in a big house and are on TV a lot. Er .... nope. It escapes me. But they were recently acquitted of having sexually abused some girl at a gangbang/dogging/wife-swapping party or something of a similar arrangement.

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