Villa Leopolda: South of France Bargain
By Natasha Dorsainvil
When we last reported about Villa Leopolda, Russian billionaire Mikhail Prokhorov, was trying to get his $55 million deposit back from the owner. Instead of returning the money, the owner, Lily Safra, donated the funds to charity.
In a surprising twist, Sotheby’s CEO Alexander V. G. Kraft recently announced that because of the global recession and the busted real estate market, the current pricetag for the estate could be between $40 to $50 million. Mr. Prokhorov’s $55 million, oddly enough, was a harbinger of what was to come.
After the whole deposit debacle, Ms. Safra took the estate off the market. Given this recent news about the plummeted value, we have a feeling she won’t be putting it back on for some time.
Via Luxist
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