 | | "Curses! Foiled again!" |
Saudi Arabia’s Crown Prince Abdullah bin Abdulaziz has decided to cut his losses in Turkey by selling a beautiful plot of land he bought on the Bosporus Strait in 1984 but never could use, Turkish newspaper Milliyet reported yesterday. He will lose chump change an estimated $7 million in the exchange, Milliyet said. Crown Prince Abdullah bought the land, 618,607sq.ft of wooded hilltop on Istanbul’s Asian side, for $27 million with the promise that he would get permission to build on it, Milliyet said. However, as authorities fought to prevent unauthorised construction on the coastline, they denied permission, and the land appears to be on the market now for just $20 million. Experts say the plot could be worth as much as $50 million once permission is given to build there, Milliyet said.
Land located directly on the Bosporus, the legendary strait that splits Istanbul and separates Europe from Asia, is expensive and permission to build there difficult to come by. |