Louis Walsh has spoken out about the 10 million euros he has lost during the property downturn due to the slump in the economic climate. The X factor judge and music mogul who has six properties around the world which include four homes in Dublin Ireland, an apartment in London and a beautiful house on the beach in Miami Florida has revealed that they are now worth half the value to what he paid for them.
He was approached by many developers at the start of 2000 with his estimated 17 million fortune behind him to invest in many projects like hotels, apartment blocks etc and was promised that this would have a very lucrative return for his hard earned cash.
At the time of investing in these properties he was under the impression like most people that the property boom would never end and that he would carry on making a profit on these properties as most people were led to believe.
Mr Walsh did reveal that, to him it was owning some beautiful properties and not about making money and did not want to be part of the property game.
He did say that it is very disappointing to be in this situation but it was not the end of the world as many property developers that approached him early on had racked up a vast amount of debt in the economic downturn.
Mr Walsh has turned his back on investing in property and is now concentrating on his vast art collection which is estimated to be worth 5 million.
It is not just celebrities that have been hit at this time, it is affecting a lot of people, shocking figures released this week showed that over one hundred homes every day in the UK are being repossessed.
Homeowners will find it virtually impossible to sell their home in 2012 with the rise in unemployment, the downturn in economy and the pressure on income all being to blame.
Fiona Davies is a director at The Property Fairy.
She has worked in the land and property sector for the last ten years.
All articles on the website are written uniquely by her.
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