We show that every smooth toric variety (and many other algebraic spaces as well) can be realized as a moduli space for smooth, projective, polarized varieties. Some of these are not quasi-projective. This contradicts a recent paper (Quasi-projectivity of moduli spaces of polarized varieties, Ann. of Math. 159 (2004) 597–639.). A polarized variety is a pair (X, H) consisting of a smooth projective variety X and a linear equivalence class of ample divisors H on X. For simplicity, we look at the case when X is smooth, numerical and linear equivalence coincide for divisors on X, H is very.