Monday, March 01, 2010
REUTERS,
REUTERS,
Russian tycoon loses $53 million deposit on French villa
NICE, France - A Russian billionaire who failed to complete a deal to buy one of France's most beautiful houses also lost his deposit on Monday, to the tune of 39 million euros ($53 million US).
Mikhail Prokhorov had made several bids to buy the sprawling villa Leopolda de Villefranche-sur-Mer before owner Lily Safra accepted a price of 390 million euros in 2008.
But Prokhorov, a nickel magnate estimated to be the richest man in Russia according to business magazine Finans, pulled out of the sale as the financial crisis broke in late 2008.
It is expected that Prokhorov will appeal the decision.
The deposit will be donated by Lily Safra, widow of banker Edmond Safra, to various medical research institutions.
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Posted by Editor on 03/01/10 at 01:39 PM •
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