Texas Property Insider- Austin Real Estate and Texas Coastal Real Estate Blog

Welcome to Texas Property Insider. The purpose of this blog is to provide accurate and helpful information about market trends and issues important to property owners in Central Texas and on the Texas Coast. You hear a lot of talk out there. You see the statistics, read the stories in the newspaper and you see practitioners regurgitate those same stories and statistics. There is more information available then ever before. But why is it, even after all of the stories and pundits have had their say, you still feel you can’t grasp what’s really happening in the real estate market?


There is a lot more to it than simple statistics and market info. These numbers are helpful and vitally important, but if taken at face value they can be misleading, even deceiving. As Mark Twain once said, “There are lies, damned lies and then there are statistics.” I created this blog to pull back the curtain on Texas real estate, interpret the market information and present it to you in a format that is both pithy and easy to digest.

Friday, March 5, 2010

Russian billionaire backs out of deal, loses $50 millon deposit

Wow, this is amazing! I guess this would count as one of the worst cases of buyer's remorse in the history of real estate.


Back in August of 2008 Russian billionaire Mikhail Prokhorov put the French mansion Villa Leopold under contract for a record $750 million. In March of last year he tried to back out of the deal and wanted his $50 million (€40 million) deposit back.
Yesterday the courts ruled in favor of the owner Lilly Safra, who can not only keep the €40 million but was also awarded damages of €1.5 million. Ms. Safra indicated that she would be donating the money to charities.
Posted by at
Labels: ,

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)