Lingerie tycoon plans £250 million Dubai property sale using bitcoin

Lingerie tycoon Michelle Mone plans to offer a £250 million development in the heart of Dubai for sale to purchasers using Bitcoin. (@MichelleMone)
Updated 09 September 2017
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Lingerie tycoon plans £250 million Dubai property sale using bitcoin

LONDON: Lingerie tycoon Michelle Mone and partner Doug Barrowman plan to offer a £250 million development in the heart of Dubai for sale to purchasers using bitcoin.

The businesswoman who founded the Ultimo lingerie range and was nicknamed ‘Baroness Bra’ when she became a British parliamentarian, has launched a site offering the first property development for sale using the crypto-currency.

She has teamed up with Doug Barrowman, the chairman of the Knox group of companies to launch Aston Property Ventures.

“I am thrilled to be launching a project of this scale as a step in the property development business. This is also a natural progression from the launch of Michelle Mone Interiors – bringing together my two passions in business for the first time; design and property,” said Baroness Mone.

Investors are being offered 150 apartments located in Dubai Science Park which are being developed by Dubai-based Aston Developments. The project is due to complete in Sept. 2019.

Studio apartments will start from 27 bitcoins ($124,000) with packages for interior design services and furniture available using bitcoins.

Aston claims investors can expect to receive rental returns of nine percent following handover.

“I wanted to offer the property, tech and blockchain community a unique and exclusive opportunity by merging the property and tech sectors together in a true first for the industry,” said Doug Barrowman. “Bitcoin’s meteoric rise in a few short years means it’s now the world’s leading cryptocurrency. This is exactly why we are the first property development ever to be priced in Bitcoin.

After a rampant rally in recent months, bitcoin has fallen sharply since Sept.1 losing about 20 percent against the dollar.

The launch of the bitcoin property development in Dubai comes just days before the annual Cityscape property exhibition where developers compete to grab the headlines surrounding the latest real estate launches.

Competition for investors is expected to be fierce amid a subdued residential property market where a glut of new homes is weighing heavily on prices.

In 2016, house prices in Dubai fell by between eight and 11 percent, according to credit rating agency Standard & Poor’s, which forecasts a continued fall in property prices and rents across the emirate throughout 2017.


Ghosn sues Nissan and Mitsubishi for breach of contract: report

Updated 16 min 14 sec ago
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Ghosn sues Nissan and Mitsubishi for breach of contract: report

  • Ghosn is seeking up to $16.8 millions in damages
  • He spent over 100 days jailed in Japan over financial misconduct trials
PARIS: Former auto titan Carlos Ghosn, currently under house arrest in Tokyo, is suing Nissan and Mitsubishi in a Dutch court for “improper termination” of his contract, French newspaper Le Figaro reported Wednesday.
Ghosn is accusing the Japanese manufacturers of breaching his contract as an employee of NMBV, their joint subsidiary based in the Netherlands, and seeking up to $16.8 million in damages, it said.
The big-spending former chief of both Renault and its Japanese partner Nissan is awaiting trial in Japan on charges of financial misconduct.
He was kept behind bars for over 100 days before being granted bail and sacked from all his management roles.
Ghosn is accused of under-reporting millions of dollars in income at Nissan and of using company funds for personal expenses — charges he denies.
His lawyers argue that while Ghosn resigned from Renault-Nissan BV (RNBV), he had not done so from NMBV and “the breach of contract” was unwarranted, Le Figaro said.
Nissan and Mitsubishi argue that Ghosn’s contract was invalid as it would not have been submitted to NMBV’s board, according to the daily.
NMBV had thanked Ghosn after a meeting of his board of directors on March 12, the same day as the announcement of its dissolution.
Ghosn’s spokesperson and his lawyer both declined to comment when contacted by AFP.
Le Figaro said the manufacturers were seeking to recover some $8.79 million paid to Ghosn by NMBV between April and November 2018.
Renault announced in early June it was considering taking action against its former boss after it identified $12.36 million of “questionable expenses” linked to Ghosn at RNBV.
The 65-year-old Ghosn was arrested in Japan in November as he stepped off his private jet at Tokyo airport.
His dramatic downfall stunned the business world and laid bare tensions in the alliance between Renault, Nissan and their smaller Japanese partner Mitsubishi.
Ghosn has not been charged in connection with his activities at NMBV.