The most expensive villa in the world fell by nearly 20 times because of the crisis

02.12.2009 16:17
Articles about real estate | The most expensive villa in the world fell by nearly 20 times because of the crisis
Global recession has forced many owners of luxury real estate gasp, because mansions and villas in the most prestigious and beautiful places in the world at the moment cheaper. However, some bad luck especially hard: the world's most expensive villa, which became property of the Russian oligarch, has fallen in price since the beginning of the crisis in as many as 15 times!

Luxury villa La Leopolda, located on the spit Cap Ferrat on the Cote d'Azur, fell into the hands of businessman Mikhail Prokhorov and costs 750 million dollars. But now, according to experts, the estate in the area of 4 hectares is the strength of 40-50 million and not a cent more. This opinion is shared by the general director of Sotheby's International Real Estate Alexander Kraft, assessed the level of the fall of the elite French real estate.

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"In the case of the prestigious real estate question has always concerned on how much people are willing to pay - A. Kraft has shared his views with reporters. - But the system completely collapsed. No more of those buyers who are ready to lay out any money."

According to A. Kraft, at this stage of the global financial collapse, many wealthy people who managed to buy a property in respectable areas of France, "a panic sell off" their luxury homes. The same allegedly wanted to make and Prokhorov, who last summer bought La Leopolda for $ 750 million, making 55 million as a deposit. Later the businessman tried to revoke the deal, citing the fact that the price of the house has been badly exaggerated in relation to the decline of property prices.
However, experts from the Sotheby's believe that all is not so bad. "To have a property on the Cap Ferrat's like to have a painting by Picasso. It's definitely safer than investing in a Swiss bank", - says Peter Aylovski, director of Sotheby's International real estate in Cap Ferrat. Maybe you should not panic and just consider buying "elitki" as a long-term investment?
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