Terrible news about those billionaire Brits. After the collapse of partner Kaupthing Bank in Iceland, those Candy brothers assured everyone they would be financing the 9900 Wilshire project-- that Richard Meier-designed condo/possible hotel planned for Beverly Hills---themselves, while also looking for investors. But today's Wall Street Journal reports that "efforts faltered, and Credit Suisse Group, acting as agent for a group of creditors, on Wednesday filed a notice of default in the office of the Los Angeles County registrar. The move is the first step toward foreclosure, though it doesn't preclude the parties from continuing negotiations toward salvaging the project." This news should cheer up those fighting all that development in Beverly Hills.
· Beverly Hills Development Is in Doubt After Default [WSJ]
· Candy Brothers Rescue: Boys Extend Stake in 9900 Wilshire [Curbed LA]