Latest NewsBillionaire loses $60 million depositSaturday, 10 December 2016

Russian billionaire, Mikhail Prokhorov, has reportedly lost his deposit of $60 million he paid to secure a house in South-East France.

Currently the chairman of Polyus Gold, Russia's largest gold producer and President of Onexim Group, Prokhorov first made a name for himself in the financial sector. He then went on to become one of Russia's leading industrialists in the precious metals sector, running Norilsk Nickel. With an estimated fortune of $9.5 billion, Prokhorov is currently the richest man in Russia and is ranked 40th richest man in the world by Forbes 2009.

The 44 year old had offered to buy Villa Leopolda in 2008 for a world record price of €390 million ($AU580 million), but reneged the offer after the global financial crisis.

Prokhorov lost the recent court hearing in France, which ruled that he was liable for the 10% deposit, worth €40 million ($AU60 million), he’d agreed to pay the current owner, Mrs Safra.  Prokhorov was also fined an additional €1.5 million ($AU2.2 million) in interest.

Mrs Safra inherited the villa from her billionaire banker husband, Edmund Safra, after he was murdered by his male nurse in Monaco in 1999. 

Previous Next

Share This Article




Previous Articles