Simon Cowell stands to lose PS15M due to recessionFebruary 25th, 2009 - 4:52 pm ICT by ANI
London, Feb 25 (ANI): It seems even The X Factor boss Simon Cowell cannot escape the economic downturn, with a property venture of his in Barbados believed to be on the verge of closing down.
Cowell had put 15 million pounds on a villa on the islands proposed 280 million pounds Clearwater Bay development, which will also feature a five-star hotel.
But as of last week, construction has been halted on the project, with a strategic review being done on it.
Its a big problem. Hes got a lot of money tied up over there and doesnt know yet whether hes going to get it back, the Sun quoted a pal of the music mogul as saying.
The matter is said to be so serious that developers have had talks with Barbados PM David Thompson to try to secure more cash. (ANI)