As we wrote about back in February, Russia’s richest man Mikhail Prokhorov had reportedly agreed to purchase the Villa for $750 million but later backed out of the deal, forfeiting a $55 million deposit.
The Telegraph says there have been panic sales by owners desperate for cash.
Riviera property sources said that one British owner settled for less than $60 million in January for a Cap Ferrat property whose original sale price was $200 million.
However, “There is still interest and offers are being made” said Alexander Kraft of Sotheby’s International Realty, quoted by The Telegraph.
“Exceptional properties like Leopolda, which is one of the world’s most beautiful homes, will always sell for a premium. But those who bought at the top of the market aren’t prepared to take a 50 per cent hit.”
Hello I have been following such articles quite closely as I am interested in some of the extraordinary properties in South of France/ French Riviera.
It is unbelievable as prices for such properties cannot come crashing down.
The article posted on 16th May by the agency is contradicting to the article posted on May 21st http://www.telegraph.co.uk/property/5362283/Property-overseas-chill-wind-on-Cap-Ferrat.html . Which makes sense that the previous one.
Now, lets review and see. Was this a new released for buyers to feel more comfortable and sellers to worry or to increase the buzz and circulation of the article?
Am a blogger too and i would be glad if such misleading articles are not supported, published by bloggers or blogs as they are not asper the universal ethics and codes of blogging. Lets put a real meaning to corporate blogging.
-Keep Blogging !