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How Not To Do A Property Deal

Pocket change
From Reuters.

A Russian billionaire who failed to complete a deal to buy one of France's most beautiful houses also lost his deposit on Monday, to the tune of 39 million euros ($53 million).

Mikhail Prokhorov had made several bids to buy the
sprawling villa Leopolda de Villefranche-sur-Mer before owner Lily Safra accepted a price of 390 million euros in 2008.

But Prokhorov, a nickel magnate who topped Russia's rich list last year according to business magazine Finans, pulled out of the sale as the financial crisis broke in late 2008.

The owner has said, however, that Prokhorov's deposit will be donated to medical research.

-- Luke Allnutt

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