A Russian billionaire has lost a £36m (US$54.2m) deposit he paid to buy the most expensive house in the world on the French riviera, plus another £1m interest. Mikhail Prokhorov – the world’s 24th richest man – offered £360m for the sprawling Villa Leopolda in 2008. After making a 10% down-payment, he then backed out of the sale after the global credit crunch hit. But under French property law, once an initial sale contract has been signed, a deposit can only be refunded during a seven day ‘cooling-off’ period. A court in Nice ruled yesterday that the villa’s owner, 71-year-old Lily Safra, could keep the £36m. A judge also ruled that Prokhorov, 44, must pay Safra an additional £1m in interest. The Villa Leopolda in Villefranche-sur-Mer was built for King Leopold II of Belgium in 1902.
Russian billionaire loses $54m deposit on world’s most expensive home – plus $1.5m interest
Most Popular Articles
Latest Articles
New HUD rule aims to increase lender participation in tribal housing program
HUD says the new rule is designed to increase and streamline Native American borrowers’ access to homeownership.