Candy brothers lose millions of dollars on LA property deal that turned sour
Britain's most extravagant property developers may finally be feeling the pinch.
With their celebrity friends, fleet of fast cars and yachts and homes in London and Monaco, Nick and Christian Candy were the brothers who had it all.Now, though, Britain's most extravagant property developers may finally be feeling the pinch.
The Candys – through Christian Candy's company CPC – are being forced to hand back an eight-acre site earmarked for luxury apartments in Beverly Hills, California, after their consortium defaulted on a $365.5 million bank loan.
The property is due instead to be sold to the highest bidder at auction on Thursday.
It is highly unlikely to fetch anything like the $500 million the brothers' consortium paid for it in the first place and they will not see a penny from its sale. The likelihood is no buyer will be found and the bank will take control.
The pair are also moving from their palatial, London headquarters while the coming weeks will see the resumption of a bitter legal dispute with their one-time wealthy Arab partners.
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