General

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

Looking for more?

Get the Best of Maclean's sent straight to your inbox. Sign up for news, commentary and analysis.
  • By signing up, you agree to our terms of use and privacy policy. You may unsubscribe at any time.