A Russian oligarch's house woes - Macleans.ca

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

Filed under: