Wednesday, September 8, 2010

Prince Charles Uses Charity for Collateral - Not a Good Move Video

The Prince of Wales, or Charles as some of us know him (you know him as "Charles," right?) tried to save an historic home in Britain. I love the shots of the house and furniture and thought you might enjoy them too. Apparently Charles took out a 20 million pound loan ($30.8 million), collateralized by his "charitable foundation." To pay the loan back, they purchased a field near the home with plans to sell it to a developer. The problem is, the market in Britain has not done well, and the land seems to be worth only about 8 million pounds, not nearly enough to satisfy the loan. See the video.

How the Prince of Wales saved Dumfries House in Ayrshire for the nation, 
but what was dubbed the ‘heritage save of the century’ became more like an own goal

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