SungatePortRoyal

Russian Polonsky Eating His Words

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.

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Tags: mirax, mirax group, MiraxGroup, polonsky, russian billionaire, RussianBillionaire, sergei polonsky, SergeiPolonsky, sungate port royal, SungatePortRoyal

Russian Billionaire Puts Five-Star Hotel Up For Sale

by Deidre Woollard (RSS feed) —

Filed under: Wealth

Russian billionaire Sergei Polonsky (#962 on the Forbes list) is looking to downsize. Polonsky is putting some of his assets on the block to save his construction company in Russia. He bought the five-star Sungate Port Royal hotel in Antalaya, Turkey for $340 million but it is being reported that he may be willing to sell for a bargain price, possibly as low as half that number. The money from the sale would go into his company to help finish some building projects. He has also been quoted as saying that he will be selling his yacht and a mansion along the Cote d'Azur in order to put money into Mirax, his real estate development company.

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Tags: sergei polonsky, SergeiPolonsky, sungate port royal, SungatePortRoyal, turkey