Villa La Leopolda – From E450 million to E30 million.
There have been lots of rumblings recently about the luxury property market on the French Riviera being immune to the down turn, but this seems not to be the case. In a region where $500,000 barely buys a tiny apartment, the downturn has hit and hit spectacularly hard. The withdrawal of Mikhail Prokorov from the purchase of Villa Leopolda for the almost-insane sum of E450 million signaled the beginning of a major crash in values. According to the Telegraph, that particular property would be unlikely to sell for much more than E30 million nowadays. Alexander V. G. Kraft, Chairman and CEO of Sotheby’s International Realty said:
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Tiny Antibes on the Cote d’Azur is dwarfed by the forest of yacht masts in the harbor. Sandwiched between star-studded Cannes on one side and sprawling Nice on the other, Antibes has a niche: marina to the super-luxurious super-yachts.
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The Carlton Riviera, a luxury residential development attached to the Carlton Hotel in Cannes, France has sold out in just 30 days, according to the agents
British, Russian and Indian as well as a few locals make up the international mix of purchasers, and according to James Price of sales agents Knight Frank. “The phenomenal rate of sales shows that despite the general perception of a depressed market, property in the right location and at the right price will sell.”
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The “Bollywood” celebrity couple Abhishek and Aishwarya Rai Bachchan have purchased a villa in the prestigious Sanctuary Falls, a resort-style villa community within Jumeirah Golf Estates.
Abhishek and Aishwarya now own a luxury villa in Dubai and have joined the ranks of other celebs who own property there including David & Victoria Beckham, Angelina Jolie & Brad Pitt.
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