Thursday, December 26, 2013

Bankrupt, Empty Airport for Sale in Spain – Expect Billionaires to Step Up and Buy It

Because You Cannot Have Enough Toys

Spain did a fantastic job of messing up their economy, followed by the Europeans doing a fantastic  job of imposing harsh conditions on Spain, messing up their economy even more and preventing that nation from recovering.  As a result there is now an airport in Spain that went bankrupt and is abandoned.

Ciudad Real's Central airport, about 150 miles south of Madrid, opened in 2008. The airport's operator went bankrupt last year after it failed to draw enough traffic, becoming known as one of the country's "ghost airports."

And yes, this is the result of stupid banking, stupid unregulated banking.

Its construction was heavily funded by the Caja Castilla La Mancha savings bank — the first of Spain's troubled savings banks to be bailed out, in 2010.

So here’s a great opportunity to pick up a nice new airport for about ten cents on the dollar.

A barely used Spanish airport that cost some 1.1 billion euros (£900 million) to build and became a symbol of the country's wasteful spending ahead of an economic downturn has gone on sale for a minimum price of 100 million euros. . . .

Spanish news agency Europa Press said the company's receiver put the airport up for sale Monday and is accepting offers until 27 December.

So everyone should suspect that a couple of billionaires, or maybe just one, will get together and buy it and operate it.  No, they won’t operate it as a commercial airport, they would operate it as a private airport, private jets only.  The wealthy have just about insulated themselves from traveling with the rest of us, and now they have the opportunity to insulate themselves completely.  The airport could serve as a gateway to Europe for all those wealthy people who need the extra time to argue for more tax cuts.

Your own airport, what to get for the billionaires who have everything.

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