Turkish Ghost Town
A development of hundreds of Disney-style castles in Western Turkey was saved from bankruptcy on Friday when creditors voted to allow a construction company to complete the work
The Burj el Babas project was intended to be a complex with luxury dwellings, a shopping mall, and a hotel. Instead, many investors abandoned the idea, as construction permit delays, the falling currency and higher interest rates, meant costs went through the roof.
The future of the Disney-like castles remained uncertain. On Friday, a majority of creditors of the firm voted to continue building using company capital and assets.
“This year it is partially planned to be opened. Probably people can start moving into about a third of the complex this year to begin their new lives. When it finally opens, we can call it a dreamland, a dream town,” Sarot Turizm lawyer Ozgur Yanar said.
Building the 300 luxury chateaux cost an estimated $190 million.