Pro’s lives often seem so charmed

When Dubai announced on November 25 that it wasn’t going to make it next payment (of $3.5 billion), it also reminded sukuk holders (bonds there are called sukuk) that “Investors should note that the Government of Dubai does not guarantee any indebtedness or any other liability of Dubai World.”

Mark Knowles laid out in his well-considered piece on Luxury Property Blog, that this is a tough time to sell investors on Dubai. Pollution, AIDS, and serious cultural differences are usually a turn-off for people – say, pro athletes – looking to invest in property.

As any smart buyer knows, and as International Property Investment “boss” Ahmed Bilani says in “his” worthy blog:

Property investment is always subject to what is known as “environment risk” – that’s the risks you can’t control such as local government changing the law on residency qualification for investors, or the banks deciding that you need to provide an extra 10% by tomorrow. There is also the market sentiment risk – now everyone even slightly aware of the of the world scene probably thinks every piece of Dubai real estate is grossly over-priced. Whether you own a reasonable priced piece of Dubai property or not -that is the perception you will have to battle if you are planning on selling anytime soon, or even in the next 10 years.

Things in Dubai are not going in a positive direction; and we’re not telling you anything you haven’t already heard elsewhere.

Earlier this year, the government there created a law making it illegal to publish “misleading news that harms the national economy.”

That’s going to be tough to enforce.

In the Rough

Click ahead to the past couple of months. Tiger Woods’ personal life has been splayed out for everyone, so let’s instead just talk about another of Tiger’s woes.

“The Tiger Woods Dubai will soon be one of the most sought-after destinations in the world, and will be a genuine oasis for those lucky enough to live or stay within its spectacular grounds,” said Tiger Woods in April of 2006.

The promocrap said: “Spread across an area of 55 million square feet, The Tiger Woods Dubai will be an exclusive golf community featuring a professionally-staffed golf academy, a clubhouse spread across 139,000 square feet with premium amenities, a high-end boutique hotel, a premium destination spa, 75 mansions, 22 palaces, and 100 luxury villas.” Good luck getting anyone other than bonused vps from UBS and Goldman Sachs to chip their shots there.

The Tiger Woods Dubai has not returned our calls for comment, so we are left wondering how many alchemists in addition to the world’s most renowned golfer are living the kind of Dubai dream they thought they would when they plunked down wads of cash for a crazy idea that Woods’ mere name would turn sand into gold.

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You have one pie.

Think before you slice it.

Hey, Stay-Pro