Can’t really say I feel too bad for this guy… I feel for the people who lost their jobs, can’t make mortgage payments, and losing their houses…

(Source: Mail Online)

A Russian billionaire has lost a £36 million deposit he paid to buy the most expensive house in the world on the French riviera, plus another £1million interest.

Mikhail Prokhorov – the world’s 24th richest man – offered £360 million for the sprawling Villa Leopolda in 2008.

After making a ten per cent down-payment, he then backed out of the sale after the global credit crunch hit.

But under French property law, once an initial sale contract has been signed, a deposit can only be refunded during a seven day ‘cooling-off’ period.

A court in Nice ruled yesterday that the villa’s owner, 71-year-old Lily Safra, could keep the £36 million pounds.

Read Ian Sparks’ full article “Russian billionaire loses £36m deposit he put down on the world’s most expensive home… plus another £1m interest” in Mail Online (March 3, 2010).

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