Billionaire Loses Biggest Deposit in a Private House Purchase
The biggest deposit to be lost in a private house purchase will not be returned.
Russion billionaire Mikhail Prokhorov has just been told by a French court that the 36 million euro deposit he placed on a villa in the south of France will not be returned.
He put down the deposit of 10% against the 360 million euro property just before the credit crunch, and soon started to regret his action when his businesses began to suffer from the recession.
The owner of the property, "Villa Leopolda", which was built for King Leopold II, has said she will donate the money to charity.