Mikhail Prokhorov, Russia’s richest man had to pull out on the much reported deal to purchase Villa Leopolda, a $750 million estate in Cote d’Azur, the South of France after seeing a good portion of his amassed fortune lost in the current global recession.
The much reported sale was widely speculated over around August last year and now it seems that all the excitement has been for nothing. But the saga continues as the current owners of the villa simply refuse to hand Prokhorov back his initial deposit of €44 million.
Even though his lawyers are seeking a refund, they might be out of luck since the French law states that purchasers lose their deposits if they pull out after the sales agreement has been signed.
Since having set new property records with this deal last summer, the French Riviera went nuts with the news leaving many property owners excited at the prospects of selling their own nearby homes.
However, much has changed since then and the latest development in the Villa Leopolda story clearly indicate that even billionaires suffer from the current financial situation, leaving them with millions of dollars in losses.
Meanwhile, a spokesman for the wealth magnate denies all the stories as gossip saying that Prokhorov is refusing to do any business unless the French authorities apologizes to him for accusing him of procuring prostitutes for a party in 2007.