1. Anyone that can realistically make an offer and expect to seal the deal on a $527M property, can't see a 10% sum with the same perspective than anyone else.
2. Is it possible that with the continued economic challenges in global finance and equity markets, that this is a strategic default, wityh a view of re-purchasing the same property in say, 12-18 months for CONSIDERABLY less? Just a thought.
SOURCE
Prokhorov Loses $53 Million Deposit on French Villa (Update1)
March 01, 2010, 2:15 PM EST(Adds reason for terminating purchase in seventh paragraph.)
By Simon Packard
March 1 (Bloomberg) -- Russian billionaire Mikhail Prokhorov lost a 10 percent deposit on a 390 million-euro ($527 million) villa in southern France after a court ruled today that he failed to complete the purchase.
The court in Nice, France, ruled that the widow of banker Edmond Safra will receive the 39 million-euro deposit that was paid when a holding company owned by Russia’s second-richest man agreed to buy Villa Leopolda in July 2008, according to court documents provided by Lily Safra’s attorneys. The final contract wasn’t signed by a Dec. 15, 2008, deadline, the documents say, causing the deposit to be forfeited under French law.
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