Prince Charles can not cope with mortgage

15.09.2010 14:39
His fund can not fully repay the loan on the estate "Dumfries House in the south-west Scotland.

Estate with a land size of Prince Charles bought in 2007 for 43 million pounds to, in his words, to preserve the historic building for the nation, according to British media.

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Almost half of the cost of the estate (20 million pounds or $ 31 million) was paid for by borrowing. Collateral for the loan was the land on which the Charles with partners planned to build eco-village of 770 houses.

But the market value of land dropped significantly following the crisis. Thus, the price of land for construction has dropped from 15 to 9 million pounds. In this case, to date, fund the mortgage payments are only five million pounds. However, its representatives are confident that the problems with the payment does not continue to arise: the organization can earn from selling houses in the village and future charitable projects.
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