A world record has been broken in home sales as a mysterious Russian billionaire forked over EUR500 million (over $700 million U.S.) for the French property, Villa Leopolda. The property had previously been owned by King Leopold II of Belgium and more recently by Lily Safra. The Belle Epoque mansion rests on the Cote d?Azur between Nice and Monaco.
Mrs. Safra had held out for months, apparently unwilling to sell the property she and her deceased husband once owned together, but as the saying goes, everyone has a price and Mrs. Safra?s was a world record holding high.
Previously, Lakshmi Mittal, the steel tycoon held the record for the most paid for a home with his purchase of the Kensington Palace Gardens in 2004. His price tag was a paltry 57 million British pounds (about $100 million U.S.).? But his price is actually more in line with the property value.
Recently the Russian rich have had a taste of the good life and having no past history with great wealth, they?re spending in ridiculous ways. They seem to not value the property as much as they value the price tag they?ve artificially inflated amongst themselves.
But perhaps the price for real estate needs to be that high to compete with the new properties being built. Mukesh Ambani is currently building a home that costs a rumored $2 billion in Mumbai.