Wealthy investors from the Gulf built hundreds of faux chateaux and now they have got their new residents. Ghosts. The project is called Burj Al Babas. Located in in Turkey’s northern Bolu province, the project began construction back in 2014 but the developer, Sarot Group, have not been able to secure the required funds for finishing it.
The investors, The Sarot Group were recently served with a court-ordered bankruptcy ruling over the immense $27 million debt of the Burj Al Babas project. Originally intended to include 732 chateau-style villas, swimming pools, Turkish baths, health and beauty centers, a shopping center and a mosque, the project has failed to get the funding necessary even though customers from the gulf countries have bought 350 of the 587 villas built.
“We couldn’t get about 7.5 million dollars receivables for the villas we have sold to Gulf countries,” was said by Mehmet Emin Yerdelen, Sarot Group’s Chairman. “We applied for bankruptcy protection but the court ruled for bankruptcy. We will appeal the ruling.”
All construction to be stopped immediately, was also ordered by the court, but Yerdelen says it’s not over yet. “The project is valued at $200 million,” he said. “We only need to sell 100 villas to pay off our debt. I believe we can get over this crisis in four to five months and partially inaugurate the project in 2019.”