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Billionaire breaks real-estate record with $793M bid
- August 12, 2008 11:05 AM
- By Commodities
An unidentified Russian billionaire is shelling out a record €500 million — or $793 million Cdn — for a luxury villa on the French Riviera, according to media reports.
The sale is believed to be the most ever paid for private property, besting a 2004 purchase of a £57-million ($115-million Cdn) property in Kensington Palace Gardens in London.
The London daily The Times reports the billionaire purchased the Villa Leopolda – which was originally built for King Leopold the II – from Lily Safra, the widow of banker Edmond Safra.
The villa, set on eight hectares of land in the Côte d'Azur region, is tended to by 50 full-time gardeners.
is a multimedia producer for CBCNews.ca. Categories
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