Russian Billionaire pays 500 Million Euros for French Villa!

Discussion in 'Canada' started by ClassicFerrari, Aug 23, 2008.

  1. ClassicFerrari

    ClassicFerrari F1 World Champ
    Lifetime Rossa

    Jan 7, 2004
    Full Name:
    How insane is this?!

    As I was reading this article today in the Star: . I then became curious and searched out this 500 Euro deal and got this!

    Russian oligarch 'invader' pays record £392m for Riviera villaCharles Bremner in Paris
    A mysterious Russian billionaire has trumped his big-spending rivals and broken a world record by splashing out €500 million (£392 million) on one of the most sumptuous villas on the French Riviera.

    The price of the Villa Leopolda, a Belle Époque mansion on the heights of Villefrance, has amazed estate agents but fuelled local worries that the invasion of Russian money on the Côte d'Azur is getting out of hand.

    Since the early 1990s, Russian oligarchs, drawn by memories of the Riviera-mad old Russian aristocracy, have been piling into seaside properties at Cap Ferrat, Cap d'Antibes, Saint-Tropez and the other great playgrounds.

    None, however, has come near the price with which the unnamed Russian clinched the Leopolda deal with Lily Safra, the widow of Edmond Safra, a Lebanese banker who was killed by an arsonist's fire in Switzerland in 2003.

    Mrs Safra was said to have held out for months as the buyer raised his bid for the villa, between Nice and Monaco, which King Leopold II of Belgium acquired in 1902.

    The previous record for a house was said to be the £57 million that Lakshmi Mittal, the steel tycoon, paid for a property in Kensington Palace Gardens in 2004. The macho spending contest by Russian oligarchs is making property agents giddy.

    Jean Pierre, a high-end agent, said: “It's completely surreal and we are really uneasy. We don't dare any more to propose any price below €100 million for these clients. Anything below and they throw you out...and you should see how they do it,” he told Le Parisien. The Nice Matin newspaper said: “At this price tag, we are beyond luxury and even reality.”

    Russian excess is feeding discontent among poorer people. Pierrette, a housekeeper for one Russian, said: “I attended a party where the guests had fun throwing burning €500 notes into the air while everyone split their sides laughing. The domestic staff were later told to collect the ashes. It was sickening.”

    Jean-Marie Tarragoni, a Nice property manager, said that the Riviera market had gone mad. “Two hundred people are completely destabilising it. These Russian oligarchs have thrown themselves into a bidding war like Onassis and Niarchos.” Rivalry between Aristotle Onassis and Stavros Niarchos sent local prices rocketing in the 1950s.

    The price for the Leopolda, which once belonged to the late Gianni Agnelli, the Fiat tycoon, has dwarfed the €20 million paid six years ago by Roman Abramovich, the Chelsea Football Club owner, for the semi-derelict Château de la Croë. Mr Abramovich is lavishly restoring the château, home to the Duke and Duchess of Windsor after the Second World War.

    His staff have denied local rumours that he is the buyer of the Leopolda, which has a commanding view of Cap Ferrat and the Mediterranean and is often listed as one of the world's most desirable residences.

    Regulars at parties in the Agnelli years there included Frank Sinatra and Ronald Reagan. Its turreted mansion and two guest houses sit in 20 acres of grounds with hundreds of olive, cypress and lemon trees tended by 50 gardeners. Former members of the Israeli special forces are said to ensure Mrs Safra's tranquillity there. She moves out in September.
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  3. striker27

    striker27 Karting

    Feb 22, 2008
    Full Name:
    He is Russian they are loud, hauty and arrogant!!!!

    Have you not been to Europe in a few years they have more money to spend then the americans lately!!!!!
  4. rush109

    rush109 F1 Veteran

    May 26, 2005
    Montreal, Quebec
    Full Name:
    Josh McRae
    if ya gots the funds why not! :)
  5. Z0RR0

    Z0RR0 F1 Rookie

    Apr 11, 2004
    Montreal, Canada
    Full Name:
    That's quite a few coins. 25% real estate price, 75% bragging rights ... in a way, why not?
  6. ffeverd

    ffeverd F1 Rookie

    Jan 24, 2005
    Vancouver, Canada
    wonder what the mortgage would that one be
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  8. ddemuro

    ddemuro Formula 3

    Nov 16, 2006
    San Diego
    Full Name:
    Anyone else find it curious that a story about a Russian billionaire who paid 500 million Euros to buy a place in France made its way into the Canada section? :)
  9. JazzyO

    JazzyO F1 World Champ

    Jan 14, 2007
    The Netherlands
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    Since this story broke, Prokhorov has vigorously denied buying anything in France.

  10. starboy444

    starboy444 F1 Veteran

    Oct 7, 2006
    Toronto, Canada
    Full Name:
    The old saying goes......Easy come, easy go.

    These type of people don't impress me much.
  11. striker27

    striker27 Karting

    Feb 22, 2008
    Full Name:
    Yeah I know what you are saying ^^^^^^^^^^^^^^^^^^^^^^^^^^^

    But they take up some of the better rooms at the resorts I am looking to stay at. Next, what do they do but go off and rent the same cars I wanted too. Then they are all loud and stuff when I am out to eat at a nice restaurant. The last straw is they get all in my face when I gaze at their beautiful topless girl friend on the beach!!!!!

    They do not impress me much either!!!!!!
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  13. wrs46

    wrs46 Formula 3

    May 19, 2005
    QC, CANADA (&CH, &F)
    Full Name:
    These are extremes...and they existed since time eternal. Before it was Saudis, now the Russians...

    The French Riviera is one of the best places to invest in real estate: Every time new countries join the EU, house values go up because the well heeled in these new EU member countries want to relocate to the Mediterranean.

    My "nest egg" is derived largely from investing in condominiums in that part of the world (one each in La-Seyne-sur-Mer, St-Aygulf and St-Raphael; the latter two are actually double units).

    Stories about crazy Russians leaving 98 Euro tips for a 2 Euro coffee are floating around every time I visit, but you don't see these types of people hanging around every street corner...

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