Builder of $200 Million Turkish Chateaux Project Goes Bankrupt

Source:  Bloomberg

The hundreds of faux chateaux being built for wealthy Gulf investors in Turkey’s northern Bolu province were to have been fit for royals. That is, until the project went bust. The group finished building 587 villas before it applied for bankruptcy protection.

Builder Sarot Group was slapped with a definitely unregal court-ordered bankruptcy ruling over the Burj Al Babas complex’s $27 million debt, Hurriyet newspaper reported Sunday. The project deep in the province’s picturesque mountains was to include 732 chateau-style villas, swimming pools, Turkish baths, health and beauty centers, a shopping center and a mosque, according to its website...

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