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Overseas Property News
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Deal or no deal?
Country: France
27 February 2009
Russian mining oligarch Mikhail Prokhorov is reportedly trying to pull out of a deal to buy Villa Leopolda, a 20-acre estate located on the Cote d’Azur between Nice and Monaco, after agreeing to pay an estimated world-record breaking €500m (£446m) for the property in France last year.
Prokhorov is apparently trying to get out of the deal and retrieve his €44m (£39m) deposit, after losing around €7bn (£6.2bn) in the recent economic turmoil. But reports in France say that the owner Lily Safra, the widow of banker Edmond Safra, has no plans to return the cash.
Prokhorov, through his spokesman, continues to deny the story. The nickel magnate won’t do any business in France until authorities apologise for accusing him of procuring prostitutes for a party in 2007.
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