Posts made in September, 2012

Lose A $75 Million Deposit On A Home?

Posted by on Sep 18, 2012 in Real Estate | 0 comments

Lose A $75 Million Deposit On A Home?

This magnificent property in France went into escrow for a cool  $750 million. In 2008, Russian billionaire Mikhail Prokhorov intended to buy the Villa, and made a ten percent down-payment. He then backed out of the sale after the global credit crunch hit. The estate is so big that it requires 50 full time gardeners. The grounds cover 20 acres of garden and 1,200 olive, orange, lemon and cypress trees. A court in Nice later ruled that Prokhorov had to forfeit the $75 million deposit he put down for the mansion. Prokhorov had signed a sales agreement for the Villa, and French law stipulates that purchasers lose their deposits if they pull out after such an agreement has...

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