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Tiger Woods' Posh Golf Resort In Dubai Put On Hold

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Jan. 31 2011, Published 9:24 a.m. ET

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The planning of an upscale golf resort in  Dubai, slated to be designed by and named after serial-cheating golf legend Tiger Woods, has been suspended, RadarOnline.com has learned.

The developer, Dubai Properties, said in a statement Monday it "can confirm it has  suspended the project" and "this decision was based on current market  conditions that do not support high-end luxury real estate.”

The  resort's blueprints call for nearly 300 residences including palaces,  mansions, luxury villas, golf villas and an 18-hole, all amenities the  developer claims the current economy cannot bear.  

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"These conditions will continue to be monitored and a decision will be made in the  future when to restart the project," according to the developer.

It’s the latest trip-up business-wise for Tiger, who industry analysts claim lost  as much as $30 million in endorsements in 2010, after his cheating scandal  tarnished his image and ended his marriage.

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