You’re in for a surprise when you see this abandoned ‘luxury hideaway’ that was once worth a whopping $200 million. Imagine hundreds of extravagant chateaux built for rich investors from the Gulf, but now they have some unexpected occupants: ghosts. The whole thing is about a project called Burj Al Babas located in Turkey’s northern Bolu province. It kicked off in 2014 with big plans, but unfortunately, the Sarot Group behind it hasn’t been able to gather enough money to finish the job.
Guess what? The Sarot Group has landed itself in a tough spot with a court declaring that they’re in debt by a whopping $27 million for the Burj Al Babas venture. According to their website, this ambitious project was meant to feature 732 chateau-style homes, along with pools, Turkish baths, beauty centers, a shopping hub, and even a mosque. While about 350 out of the 587 villas that were constructed got snagged by buyers from Qatar, Bahrain, Kuwait, UAE, and Saudi Arabia, it’s still not enough to make ends meet.
Mehmet Emin Yerdelen, the head of Sarot Group, shared with Hurriyet that they faced a hitch. They couldn’t collect around $7.5 million from the Gulf countries for the sold villas. So, they took a shot at bankruptcy protection, but things didn’t go their way in court. They’re not giving up though, as they’re planning to appeal the decision.”
