Prince Andrew, the Duke of York, is the latest victim to the economic downturn.

Luxist reports that ski chalet rental company Descent International has gone into liquidation meaning that guests may lose their deposits for winter vacations.

A total of nearly £500,000 including a deposit made by the Duke of York might not be returned.

If there was any doubt that the luxury real estate industry is facing financial issues, the latest casualty in Aspen, Sotheby’s International Realty, should dispell that notion.

Sotheby’s closed their doors on Feb 13th, after running into financial difficulties and the franchise will be taken over by a former rival, Morris and Fyrwald Real Estate.

The luxury ski resort business has been hard hit by the financial crisis, and the value of sales in Aspen fell 46% in 2008, with the trend continuing.

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Since the days when mining prospectors flocked to the San Juan Mountains, the New Sheridan Hotel has been synonymous with hospitality, charm and good times in Telluride, Colorado.

Originally built in 1895, the 26-room property enters a new chapter as it debuts the result of an extensive, $7 million renovation.

The transformation brings a new level of luxury to the New Sheridan while retaining the landmark building’s beloved, distinctive character.

Perched high above the five-star hotels and heated debate amongst global leaders in the Swiss resort of Davos, an igloo hotel offers the chance to chill out and enjoy life as an Eskimo might.

Set in the midst of the groomed, snow-clad ski slopes 2,600 metres up (8,500 feet), the cluster of igloos nonetheless takes a few liberties with the genuine polar experience.

Iglu-Dorf is built out of packed snow, but the network of 15 igloos linked by tunnels looks more like a cross between neolithic caves and an eco-housing complex perched in the Alps.

When it comes to winter luxury, one ski destination continues to rank top of the list - Courchevel in the French Alps, according to leading private air charter broker Oxygen 4, is the ski resort at which to see and be seen.

And even this year, with the credit crunch biting, some of the resort’s most sumptuous hotels were already fully booked six months ago for the peak January fortnight 2-14th with some guests paying upwards of €50,000 to ensure the best accommodation.

Nestled on the shores of majestic Lake Louise in the heart of the pristine Canadian Rockies, The Fairmont Chateau Lake Louise combines luxurious resort living with the spirit of adventure.

Since 1890 this “diamond in the wilderness” has been an adventure destination in a spectacular scenic region of rugged peaks, majestic glaciers and world-renowned skiing.

Once the home of the Stoney Indians, trail riders and Swiss guides, The Fairmont Chateau Lake Louise has become a destination of choice for explorers, royalty and movie stars.