Valencia built it
Spain, a country where regions have fought hard to bolster their autonomy, including the right to use their own languages. They regained those powers in the late 1970s, when Spain's fledgling democracy drew up a new Constitution after decades of authoritarian rule under Gen. Francisco Franco.
Gradually, the regions were put in charge of more of Spain's public expenditures, eventually accounting for about half -- twice the level of three decades ago. Ciudad de la Luz has become a prominent example of Valencia's frenzy of modern-day pyramid building, which left a legacy of $25.5 billion in regional debt and bankrupt infrastructure projects as well as the backlash now building against it.
Valencia's other investments included a harbor for superyachts, an opera house styled like the one in Sydney, Australia, a futuristic science museum, the biggest aquarium in Europe and a sail-shaped bridge, not to mention an airport that never had a single arrival or departure. It also attracted extravagant events like the America's Cup and Formula One racing.