Filed under: Wealth
Ah, to be a billionaire -- or at least to have reached that status at one time! Russian real estate tycoon Sergei Polonsky of Mirax Group fame was quoted saying that if you weren't a billionaire you were obviously a loser but the once uber-successful Polonsky is now one of the 'L-club'. Once worth $1.2 billion and landing a spot in Forbes Magazine, Sergei's company called Mirax is now suspected to have accrued debts between $600 and $700 million! All projects have come to a screeching halt including such high-profile developments as the Federation Tower in Moscow. In January my colleague, Deidre, highlighted his sale of the five-star Sungate Port Royal hotel to help fund some of Mirax's projects. Looks like he will need to sell off a few more assets to make himself 'cool' once again since apparently sub-billionaire status makes Polonsky one of 'those' people.