England’s Most Expensive Property Hit By Credit Crunch

Just a few short months ago, Sandbanks, an exclusive peninsula in Dorset had the fourth highest land value in the world. The main road was known as “Millionaire’s Row,” and in 2007 a small bungalow (one storey building) sold for £4 million. But times have changed and plots earmarked for lucrative new luxury developments are lying derelict and many of the former residents are now broke.

Richard Carr became a household name in the UK when a TV documentary featuring the millionaire’s playground was aired. Now, Mr. Carr, who once lived in a luxury home and owned a yacht, has lost his fortune and is living in a flat above a cafe.

“I’ve lost the lot, my personal fortune and a lifetime’s work, I’m a total victim of the credit crunch. At one stage I was worth about £35 million, now I’ve got just £100 in my pocket. And a lot of big businessmen in the area will find themselves in the same boat,” said Mr. Carr.

Houses bought up for demolition to make way for new apartment complexes are lying empty and many others have been forced to leave the expensive peninsula after their businesses were hit by recession.

But some local people who complained that the property boom was destroying the character of the place have welcomed the collapse and some are suggesting that this might be a good recession for the environment.