And it will turn out to be one of the worst investments ever…
Austerity at home, opulence abroad…
That appears to be the House of Saud’s new motto in an era when Crown Prince Mohammad bin Salman has successfully consolidated power, ensuring his Saudi Vision 2030 plan to diversify the kingdom’s energy-dependent economy will proceed unchallenged.
But while the kingdom was cutting back on gas subsidies, government jobs, and other components of the state’s largesse – one of the KSA’s most valuable tools in preventing domestic unrest that could lead restive elements in Saudi society to challenge the King’s authority – MbS was purchasing the world’s most expensive home.
According to the New York Times, when it was purchased for $300 million two years ago, the Chateau Louis XIV, a mansion located just outside Paris, was billed as the most expensive home ever sold.
Here’s how Town & Country described it at the time of the sale.
If I would own real estate in London, or even live there, I would sell everything immediately and leave.
London is destined to be destroyed during WW3 and during the ‘3 Days of Darkness’.
Also I would not want to live there after the coming financial collapse and civil war.
A UK co-living company has announced that it will begin accepting down payments made in bitcoin, according to CoinTelegraph, making it that much easier for traders hooked on effortless, outstanding returns to speculate in another bubble-prone market: UK housing.
Co-living pioneer The Collective announced the decision on Tuesday, saying it’s the first developer that will accept payments in cryptocurrency. The company added that it’s exploring how to accept rental payments in bitcoin, which it hopes to implement later in the year. It said that its decision to accept bitcoin was related to demand from international clients.
The company has pledged to perform a “spot conversion” of users’ deposits – a fancy way of saying it intends to hedge its position – so that it bears any financial risk while holding the deposit.