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A Russian oligarch’s house woes

A court ruled that Mikhail Prokhorov has lost his $36-million deposit after backing out of a house deal


 

Creating tight contracts is normally something every businessman takes pride in. Alas, Mikhail Prokhorov—the world’s 24th richest man—was on the other end of a business deal and just lost $36 million. After the economic crisis last year, he backed out of buying the most expensive property in the world–—Villa Leopolda, a Mediterranean estate originally built for a Belgian king. This week, a French court ruled that a contract is a contract and he won’t be getting back his 10 per cent deposit. And, to make matters worse, he has to pay $1.6 million in interest. The villa’s current owner, Lily Safra, will donate most of the money to charity.

Daily Mail


 
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A Russian oligarch’s house woes

  1. I love stories like this because $360,000,000 estates are something 72.8% of MacCleans posters can relate with in their personal lives…assuming of course they cut down on the food budget, stop going out to eat, conserve gasoline, and find a bank that'll give them a 27,000 year mortgage.

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