(Source: The Moscow News)

At a discount of $5 million on Donald Trump’s asking price of $100 million, Dmitry Rybolovlev’s new Palm Beach oceanfront property was supposed to be a good investment.

But that was a year ago, when the housing bubble had yet to burst, potash prices were soaring and his fortune was a cool $12.8 billion.

Since then, the bottom has fallen out of the market, and Rybolovlev’s Midas touch has gone into reverse: his worth – based on potash miner Uralkali – has shrunk to $3.1 billion, according to Forbes.

To make matters worse, his wife, Yelena, is seeking half his assets – if she can find them.

Rybolovleva filed for divorce in Switzerland in December (she moved there with Dmitry in 1995 “for security reasons”).

She accused him of numerous dalliances, including a yacht cruise with several young women and, later, a mistress. The Palm Beach Post broke the news of the divorce last week, citing court documents.

Some of Rybolovlev’s “young conquests were shared with his friends, and other oligarchs”, according to the lawsuit.

Read Tim Wall’s full article “Sex, Lies and Real Estate” in the Moscow News (July 13, 2009).

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