Rio 2016 has essentially become a financial disaster, with the games costing $13 billion in a mix of private and public money, according to a June Associated Press report. Much of the Olympic infrastructure is abandoned or underused, including the $700 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 was "shuttered" and that only 7% of the condos had been sold.

Construction of the Olympic Village began in 2013 on a stretch of approximately 800,000 square meters of land in Barra da Tijuca, called Ilha Pura (Pure Island). The site was considered ideal for the athletes’ village, being accessible to most of the major competition hubs, including the biggest Olympic site, Olympic Park. The entire village is 31 17-floor towers that include 10,160 bedrooms. The city of Rio planned to convert them into 3,600 luxury apartments after the Olympics, with prices up to $700,000, according to an Associated Press report.

        As reported in February of 2007, the City of Rio is in discussions with government-owned financial institution, Caixa Econômica Federal (CEF) and construction company, Carvalho Hosken, to sell the Olympic Village. Rio Mayor Marcelo Crivella has struck an agreement with the CEF to provide low-rate financing to sell the units to civil servants. The same report indicated that representatives of the Brazilian Navy have already met with Mayor Crivella and CEF president, Gilberto Occhi, to discuss financial terms of purchasing units for the Navy.

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