38 replies to this topic

[Tomecek]

According to my information, Michael Schumacher lost quite a lot (a lot) of money in Dubai. He was also involved in newly opened highest bulding in the world.

Of course it is not reason behind his comeback, but rather a nice co-incidence

[Xaus]

oooh yeeeah I forgot about his Dubai stuff. Wasn't he GIFTED one of the world islands for all of his achievements?

[JPW]

His name was linked to a real estate project and he was gifted an island on the (now ailing) The World project afaik, do you have any more concrete information than just "according to my information"?

[alfista]

According to my information, Michael Schumacher lost quite a lot (a lot) of money in Dubai. He was also involved in newly opened highest bulding in the world.

Of course it is not reason behind his comeback, but rather a nice co-incidence

Errmmm... certain Niki Lauda's come-back co-incided with his airline's financial woes

[glorius&victorius]

and it feels like 1991 all over again!

[sephiroth]

According to my information, Michael Schumacher lost quite a lot (a lot) of money in Dubai. He was also involved in newly opened highest bulding in the world.

Of course it is not reason behind his comeback, but rather a nice co-incidence

Its like british tabloid season here. Schumacher isnt being paid a fortune by Merc anyways.

[Tomecek]

Well, you don't need to be economist to learn that Dubai is in real trouble. And so is anyone who made investments there. Schumacher is one of them.

I am not saying his family struggles to find someting to eat but to lose great part of your savings is not comfortable either....

Though I can't tell you in % how much he lost...

My wife costs me quite a big % of savings so maybe it is not such a big disaster...;)

[AndreasF1]

Its like british tabloid season here. Schumacher isnt being paid a fortune by Merc anyways.

even if MS lost 90% of his money he still has more than 99% of folks have on this board. So I am not worried about his financial status

[JPW]

Well, you don't need to be economist to learn that Dubai is in real trouble. And so is anyone who made investments there. Schumacher is one of them.

Any details (or confirmation) about the investments you say Schumacher made in Dubai, if any?

[One]

http://www.dezeen.co...-tower-by-lava/

here we go.

Michael Schumacher World Champion Tower, which is now in question.

[One]

Here is the interview to Michael about the building, some time ago.


http://formula1.abou.../Schumacher.htm

[sephiroth]

Well, you don't need to be economist to learn that Dubai is in real trouble. And so is anyone who made investments there. Schumacher is one of them.

I am not saying his family struggles to find someting to eat but to lose great part of your savings is not comfortable either....

Though I can't tell you in % how much he lost...

My wife costs me quite a big % of savings so maybe it is not such a big disaster...;)

Dubai itself is in no trouble as long as Abu Dhabi keeps bailing those ****wits out. The real estate market in dubai is terri-bad but its really no surprise to anyone who has connections there. The tabloid comment was made over the speculation that Schumacher had significant investments in Dubai (and any investment in the Khalifa at all). Schumacher has recieved the antartica island of the world project as a gift, and a potential naming of a building after him.

So do you have any proof that Schumi lost money in Dubai? He is more likely to have lost money from investments in Germany and US.

[One]

But honestly I did not know that the project went bust, or he lost money on this.

[JPW]

Well anyone can google Schumi and Dubai and most (informed) people know that there was a Schumacher related real estate project in Dubai, but who says he invested in that and that he has lost money on that investment?

That's what I'm asking Tomecek but he seems to be evading the question.

[ensign14]

Errmmm... certain Niki Lauda's come-back co-incided with his airline's financial woes

And Fangio nearly retired at the end of 1955, but then Peron was ousted, and it became more advantageous for those who had been supported by the Peronistas to avoid Argentina for a while...

[sephiroth]

Here is the interview to Michael about the building, some time ago.


http://formula1.abou.../Schumacher.htm

It would be shocking if he had major money in it. For one thing most of these ventures are done from bonds and loans and that too from incorporated companies. For another it says right there that the building is being built by Marasi and licensed by Schumacher's management company. Its a branding on the building.

[Hairpin]

http://www.dezeen.co...-tower-by-lava/

here we go.

Michael Schumacher World Champion Tower, which is now in question.

From that page:

Inspired by the geometrical order of a snowflake and the aerodynamics of a Formula 1 racing car

Me get the feeling that the whole Dubai project is the biggest scam the world has ever seen. Targets was people with big wallets and even bigger ego. The Dubai world was never going to work, the cities and the buildings were never going to contain people. Why? They are designed for show, not for life.

[sephiroth]

They wanted to build a metropolis in the desert based on an authoritarian dictatorship with massive human rights abuses. It saddens me that Schumacher is even peripherally involved with the UAE.

[engel]

Irrelevant story but it really freaked me out ... I was in Dubai late November/Early December. I was walking through the parking lot after handing back my rental car and there were literally HUNDRENDS of cars there with "abandoned" signs on them. Talking about S class Mercs, Cayennes etc. Some had handwritten notes on them "don't need the car anymore, take it" blah blah. Turns out in Dubai bouncing a check is a criminal offense that can land you in jail for a looooong time, all these cars belonged to people (mostly expats I m told) who just upped and left the place before **** hit the fan and they got arrested.

[halifaxf1fan]

here is schumachers island. the 'land' valued at $7M was a retirement present from Dubai's crown prince - Sheikh Mohammed bin Rashid Al Maktoum.

[One]

from wiki


On 24 October 2006 seven-time Formula One World Champion Michael Schumacher was presented with one of the islands by Mohammed bin Rashid Al Maktoum on the occasion of his final Grand Prix, in Brazil. Schumacher's manager Willi Weber, suggested, "Perhaps he'll build a kart racing track on [the island]

[P123]

here is schumachers island. the 'land' valued at $7M was a retirement present from Dubai's crown prince - Sheikh Mohammed bin Rashid Al Maktoum.

That is the show island, not Schumacher's.

$7m..... I'm sure you could get a far better island in a far more idyllic location for the same money or less. And it wouldn't be a barren lump of concrete.

Edited by P123, 05 February 2010 - 23:43.

[Hairpin]

http://maps.google.c...e...mp;t=h&z=14

[P123]

From that page:


Me get the feeling that the whole Dubai project is the biggest scam the world has ever seen. Targets was people with big wallets and even bigger ego. The Dubai world was never going to work, the cities and the buildings were never going to contain people. Why? They are designed for show, not for life.

Skyscrapers built on the sand of borrowed money. Most of them vanity projects which will lie empty until they are knocked down.

[Xaus]

Loving how it doesn't look anything like the world.

[karlth]

The problem with rich people, like Schumacher, and finance is that when they invest they tend to hedge their investments.

So a person that has $1 million might borrow additional $5 millions in an effort to profit more. The problem is of course if the project/stock/whatever loses most of its value they sometimes (if they haven't been careful) end up carrying a lot of extra debt.

I'm not saying that is the case with Schumacher but just wanted to point it out.

[Xaus]

My sources tell me that Michael is so broke now that RALF has more money than he does...

[One]

Skyscrapers built on the sand of borrowed money. Most of them vanity projects which will lie empty until they are knocked down.

Oil dry up and not anymore squeezing possible and then there is a ghost town named after the formula one champion,.... that's a ind of no go zone...

The problem with rich people, like Schumacher, and finance is that when they invest they tend to hedge their investments.

Michael has those horses still no?

Edited by One, 05 February 2010 - 23:50.

[Hairpin]

Oil dry up

Dubai never had oil, just madness. And it only takes you that far.

[PassWind]

That is the show island, not Schumacher's.

$7m..... I'm sure you could get a far better island in a far more idyllic location for the same money or less. And it wouldn't be a barren lump of concrete.

Dude he got it for nothing, I am sure unless you are the leader of a expansionist regime you are not going to get an island any cheaper than that one.

[PassWind]

The problem with rich people, like Schumacher, and finance is that when they invest they tend to hedge their investments.

So a person that has $1 million might borrow additional $5 millions in an effort to profit more. The problem is of course if the project/stock/whatever loses most of its value they sometimes (if they haven't been careful) end up carrying a lot of extra debt.

I'm not saying that is the case with Schumacher but just wanted to point it out.

Its not the problem with rich people its how people get rich.

[metz]

Get this spin on the tower;

“The unique collaboration with Michael Schumacher gave us new insights. Technology, precision, speed, elegance, paired with human intuition and extraordinary performance were a great source of inspiration for the design. Similar to the formula one operation, construction is a team sport with a lot of highly skilled experts. In this sense the architects take the driver seat in the process, taking the project to the physical limits of possibility”, adds Alexander Rieck.

Does anybody in today's world still believe such blatant pap?

[halifaxf1fan]

That is the show island, not Schumacher's.

$7m..... I'm sure you could get a far better island in a far more idyllic location for the same money or less. And it wouldn't be a barren lump of concrete.

i think you are right. schumacher's island is to be part of 'antarctica' when it is completed. the island in the picture i posted is part of the 'canadian arctic' or 'greenland'.

[Xaus]

Get this spin on the tower;

“The unique collaboration with Michael Schumacher gave us new insights. Technology, precision, speed, elegance, paired with human intuition and extraordinary performance were a great source of inspiration for the design. Similar to the formula one operation, construction is a team sport with a lot of highly skilled experts. In this sense the architects take the driver seat in the process, taking the project to the physical limits of possibility”, adds Alexander Rieck.

Does anybody in today's world still believe such blatant pap?

Holy ****... that doesn't compare to ANYTHING Ron Dennis has ever said when it comes to how happy he is to work with Corporation X and Sponsor Y. This Alexander Rieck makes Dennis look like a complete amateur.

I have to applaud that.

[Hairpin]

i think you are right. schumacher's island is to be part of 'antarctica' when it is completed. the island in the picture i posted is part of the 'canadian arctic' or 'greenland'.

Hehe, I think we can safely say it will never be completed.

[Sakae]

Get this spin on the tower;

"The unique collaboration with Michael Schumacher gave us new insights. Technology, precision, speed, elegance, paired with human intuition and extraordinary performance were a great source of inspiration for the design. Similar to the formula one operation, construction is a team sport with a lot of highly skilled experts. In this sense the architects take the driver seat in the process, taking the project to the physical limits of possibility", adds Alexander Rieck.

Does anybody in today's world still believe such blatant pap?

I do

[Hairpin]

I do

Hi Michael

[halifaxf1fan]

Hehe, I think we can safely say it will never be completed.

so the gift is worth closer to $0 than to $7M!

[Hairpin]

so the gift is worth closer to $0 than to $7M!

Payed in sand.