Bono’s skyscraper dreams on hold

The multi-millionaire rock star Bono's (pictured) plans to build Ireland's first skyscraper, the so-called U2 Tower, have been put on hold because of the slump in Dublin property prices. The singer had hoped the building, in which he had already bagged the penthouse, would be completed by 2011. However, as the country sinks into recession, the Dublin Docklands Development Authority (DDDA) has mothballed the project.

It is a blow to Bono, who has spent six years trying to win approval for the edifice, which has been unkindly dismissed by Dubliners as a "monument to a monumental ego". The Euro 200m development was also going to provide his band with a recording studio, with an egg-shaped studio "pod" at the top of a 120-metre column.

All four of U2's members – as well as their manager Paul McGuinness – have a stake in the project, which has been designed by Sir Norman Foster. Though the DDDA said that it remains committed to the Tower, the downturn in Ireland's property market means it's not going to be built anytime soon.