The collapse of Iceland is affecting our little dry patch of desert: Kaupthin, the country's biggest bank, had a 40 per cent stake in the 9900 Wilshire project, that uber-luxury condo project being designed by Richard Meier, reports the Financial Times. And following the bank's total collapse, 9900 Wilshire developer Candy & Candy aka the always stern-looking Christian and Nick Candy has bought out the bank's stake, paying a figure that the FT says is a lower sum (because of falling values) than the original price paid. (Remember that the original purchase price of the property was $500 million). More via FT: "Nick Candy would only say yesterday that "market rate" had been paid by the CPC Group, the company owned by his brother Christian. The brothers normally use third-party funding to finance deals and had been sounding out new investors over the past few days." Additionally, the FT reports that the Candys are expected to announce a new shareholder in the project shortly. Thank god for those filthy-rich Brits.
· Candy brothers buy Kaupthing property stakes [Financial Times]
· 9900 Wilshire Project Approved For Beverly Hills [Curbed LA]
· 9900 Wilshire Super Premium Luxury Sale [Curbed LA]