Notorious Property Deals and Why They Failed
Bad real estate investments are a given. Even pros make errors and encounter unforeseen circumstances. Here are 8 of some of the most public, bizarre and plain raw real estate investment deals:
1. Bad Investment Decision Combined with Market Slump Bodes the End for High Profile Developer
In the late 1980s Olympia and York was arguably one of the most powerful private real estate developers in the world. The company was divided in its trophy properties: half in North America, half in London. The London half of the company’s holdings was in the developing Canary Wharf district, a high profile and costly public-private renovation project.
- Canary Wharf was originally one of the most vital ports in Europe and key to early Canary Islands trade, thus the name of the wharf. Prior to the 20 th century ships were smaller, more nimble and had no problem negotiating the Canary Wharf. The port became completely unsuitable for modern ships.
- During the mid 20 th century, Canary Wharf became a maritime ghost town, left to ruin, a huge bust for the London economy and business landscape.
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