What’s worse than losing a security deposit? That would be losing a $53.2 million deposit. Just ask Russian billionaire Mikhail Prokhorov.
Here is an equally productive way Prokhorov could spend his money.
What’s worse than losing a security deposit? That would be losing a $53.2 million deposit.
Just ask Russian billionaire Mikhail Prokhorov. He forfeited the multi-million-dollar fee, landing him in the Guinness Book of World Records for largest deposit lost.
Worth about $13.4 billion, the 45-year-old Prokhorov lost the deposit on a $528.9 million 20-acre villa in Nice, France, originally built for King Leopold II of Belgium in 1902. Keep in mind, the median home price in the American Midwest is $139,500, so Prokhorov could buy 362,381 houses for that kind of coin. (“Hello, Wichita! You now belong to Mikhail Prokhorov.”)
His deposit went poof after a legal fight because the papers for the final sale were not signed by a Dec. 15, 2008, deadline. The deposit, by the way, was donated to medical-research institutions by villa owner Lily Safra. Because that’s what rich people do when they get such a windfall it’s embarassing.
Prokhorov’s other investments include a $200 million, 80-percent stake in the New Jersey Nets in 2010, indicating that he might actually enjoy the sound of millions flushing down the toilet.
How Do We Know All This? Cuz we’re brilliant. Also:
The Daily Mail has all the gory details.
RealEstateABC.com knows Midwest home prices.
The house cost more than two bad professional basketball teams.
-Mark J. Miller, Serious Coin contributor
Photo credit: Martin Poole Photography/Getty Images