Leaning Tower of Padre Island, Texas (Real Estate Disaster)
$125M for a tower built on a beach undergoing erosion. After the building started leaning noticeable and settling unevenly, the developers decided it cheaper to just demolish than try to fix it. (Cost to fix: upwards $25M and the bank was unwilling to fund it anymore)
A video of the demolition: http://www.youtube.com/watch?v=Zlce2N54B9s
The ironic thing was that the body of the building were very solidly built with great excess of rebar. The central columns were almost solid lengths of rebar with a little concrete thrown in. If they had only built the foundation strong enough as the rest, that thing could have stood solid in a mega hurricane.
An article about the subsequent cleanup job (the only thing that went well in this affair): http://www.allbusiness.com/legal/legal-services-litigation/14222144-1.html
And what it should have been: Fine Interior Design - Inspiring views of the marina and ocean Interior details created by the best designers Granite floors in the kitchen, baths, foyer and utility room Superior carpeting in the living room, dining room, bedrooms and walk-in closets Ceilings with a minimum height of nine feet that lend an air of spaciousness
Luxurious Bathrooms - Crystal sink mounted on a granite and wood base Kohler bathroom fixtures Contemporary faucets, handles and knobs Kohler bathtub with water jets Granite showers with crystal door
Gourmet Kitchen - "Kraft-Made" kitchen Granite countertops Under mount stainless steel sink Elegant stainless steel appliances