Rio's $700 million athletes village was turned into luxury condos but is now reportedly 'shuttered' and 93% vacant

The Rio Olympics continue to be an example of why more and more cities are wary of hosting the games.

Rio 2016 has essentially become a financial disaster, with the games costing $US13 billion in a mix of private and public money, according to a June Associated Press report.

Much of the Olympic infrastructure is abandoned or under-used, including the $US700 million athletes village that was supposed to be turned into luxury condos once the games were over.

Stephen Wade of the Associated Press recently reported via Twitter that the athletes village is “shuttered” and that only 7% of the condos have been sold.

Other areas aren’t in much better shape. The Olympic park has staged some events, but is largely under-used and wasn’t be sold because there was only one bidder, according to the AP report. Wade reported that Olympic park is also basically vacant.

With no food or vendors, there’s almost no reason to visit, Wade reported.

Rio should serve as a warning to other countries about the costs of hosting the Olympics. The nearly abandoned venues surface at a time when costs of the 2020 Tokyo Olympics have reportedly doubled to $US12.6 billion, up from the initially projected $US6 billion when Tokyo won the bid in 2013.

Would IOC President Thomas Bach want to be seen in Rio’s vacant Olympic Park? Billions squandered to help drive real estate deals. pic.twitter.com/I6XnUjQyWK
— Stephen Wade (@StephenWadeAP) July 16, 2017

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