London, Feb 25 : It seems even ‘The X Factor’ boss Simon Cowell cannot escape the economic downturn, with a property venture of his in Barbados believed to be on the verge of closing down.

Cowell had put 15 million pounds on a villa on the island’s proposed 280 million pounds Clearwater Bay development, which will also feature a five-star hotel.

But as of last week, construction has been halted on the project, with a “strategic review” being done on it.

“It’s a big problem. He’s got a lot of money tied up over there and doesn’t know yet whether he’s going to get it back,” the Sun quoted a pal of the music mogul as saying.

The matter is said to be so serious that developers have had talks with Barbados PM David Thompson to try to secure more cash. (ANI)