Russian loses €40 million on world’s highest-priced home

A Russian property investor has lost his legal battle to win back his €40 million deposit on the world’s most expensive property, located on the French Riveria.

A court in Nice yesterday ruled that Mikhail Prokhorov, 44, a playboy-magnate worth nearly £6 billion could not reclaim his deposit on the property which he bought for €390 million in 2008.

Mr Prokhorov cannot complete the purchase due to financial difficulties with his minerals and metals business.

The current owner, Lily Safra, 71, the widow of Edmond Safra, the banker billionaire who was murdered by his male nurse in Monaco in 1999, plans to retain the property and will donate Mr Prohhorov’s deposit to charity.

Luckily Mr Prokhorov will still be able to holiday in the French Alps as he owns two chalets in the Alpine resort of Courchevel.

In January 2007 he was arrested and detained for four days on suspicion of flying in prostitutes for a party in the properties. He was released without charge but the Russian media depicted the incident as a deliberate insult against Russia.

Full story on The Times

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