Karl Lagerfeld was commissioned to build the first ever island devoted entirely to fashion in 2008. In association with Miami-based architecture firm Oppenheim and KOR hotel group, the aptly titled Isla Moda was situated 20 metres off the coast of Dubai. It would be strictly invite-only and part of a 300-island cluster positioned in the shape of the globe which was, not surprisingly, entitled The World. “Other parts of the world can have a little [financial] crisis, there is no crisis here", said Lagerfeld in 2008. But it seems the German-born fashion designer may have to eat his words. Only two years on and the Dubai Dream is marred in financial underhandedness and an ever increasing amount of debt. With an original completion date of 2011, the constant monetary problems have lead to its launch to be continually pushed back. Although its opening is now reported to be the year 2014, Carolina Botero, a representative for Oppenheim, has confirmed that the couture island has been 'put on hold'. The images you see here are the original design sketches that were unlawfully leaked onto the internet, though as this luxury empire falls to pieces, it seems more and more likely that this is the closest Isla Moda will ever get to becoming a reality. We think it best if Mr Lagerfeld stick to what he knows.