Remember how the blogosphere was buzzing a few weeks ago with news that Karl Lagerfeld was going design an island, Isla Moda, off the coast of Dubai? Well, we hear—straight from his camp, no less—that while Lagerfeld agreed to participate in Isla Moda back in 2008, when the world economy tanked, the project was defunded. Thus, “Lagerfeld put an end to his collaboration with Isla Moda’s owners.” So there. Guess that was just one big fantasy island.