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Thursday, March 4, 2010

How to lose a $50 million deposit

Categories:Real_Estate
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villa leopolda

Back in August of 2008 Russian billionaire Mikhail Prokhorov put the French mansion Villa Leopolda under contract for a record $750 million.  In March of last year he tried to back out of the deal and wanted his $50 million (€40 million) deposit back. 

Yesterday the courts ruled in favour of the owner Lilly Safra, who can not only keep the €40 million but was also awarded damages of €1.5 million.

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