$650 Million Price Cut on Villa Leopolda? (Updated)
Villa Leopolda on the Cote D'Azure (above), once the world's most expensive estate with a $750 million pricetag, is apparently back on the market with an astonishing $650 million price cut, a new world record. The 11-bedroom, 14-bathroom mansion has 29,000 square feet of interior space that opens to manicured lawns and a swimming pool. The spiraling outdoor staircases, balconies and terraces have waterfront views and of the surrounding hillsides. Working fireplaces, a sauna, outdoor kitchen and pool house are other features. As we noted back in February, Russia's richest man Mikhail Prokhorov had reportedly agreed to purchase the Villa for $750 million but later backed out of the deal, forfeiting a $55 million deposit. In May we reported that the recession had caused the estate's value to plunge significantly. Owner Lilly Safra did not re-list the property right away, but according to Forbes the Villa is now available for $102 million. The magazine now places it as the 4th most expensive estate in the world, behind No. 1, the Spelling Manor at $150 million; No. 2, Fleur De Lys at $125 million; and No. 3, Updown Court at $117 million.
UPDATE: Leopolda's owner Lily Safra now says the Forbes report was "pure fantasy". "The residence is not being sold and was never offered for sale," Safra's rep Seth Goldschlager insists. Forbes has now removed Leopolda from its list of the world's most expensive estates. Albemarle House in Charlottesville, Va., listed at $100 million, is now the 4th most expensive estate in the world according to the magazine, behind No. 1, the Spelling Manor at $150 million; No. 2, Fleur De Lys at $125 million; and No. 3, Updown Court at $117 million.