WATCH: Behind The Scenes Of Beth Ditto's MAC Shoot
Michael Kleinmann: PHOTOS: Men's Underwear Goes Red for Summer
Billionaire Wants Out Of NYC Apartment Deal
In this economy billionaires with cold feet are becoming more common. The NY Post says that diminutive Canadian billionaire Alex Shnaider wants out of his deal to buy a floor of penthouse condos at The Brompton in Manhattan. Shnaider had agreed to spend around $25 million for four condos in the Upper East Side high-rise. But Shnaider, who according to Forbes, went from a net worth of $2.2 billion to $1.3 billion suddenly isn't feeling so rich. He has sued the developer to get back his $5 million deposit and cancel his purchase agreements on the apartments that he contracted to buy in May 2008. He says The Brompton's developer, The Related Companies, are guilty of misrepresenting the penthouses with regards to views, ceiling height and other amenities.This story reminds me a bit of the case of Russian billionaire Andrei Vavilov, who signed a $53.5 million contract sight for a penthouse at The Plaza. Vavilov eventually bought an apartment from the Plaza's developers for $11 million using the deposit he put down on the $53.5 million unit. His apartment was listed for $12.5 million in February and was most recently listed for $9.95 million before it went to contract. Perhaps a similar arrangement can be reached for Shnaider since it seems unlikely that any developers are going to be willing to part with deposit money if they can avoid it.
SLIDESHOW: Tattoos That Go Way Beyond Your Average Tramp Stamp
Rodents Run Amok at Upstate New York Walmart
PHOTOS: Most And Least Christian States In America
America's 10 Highest-Paid CEOs of 2011 (and How They Earned It)
What Happened When Alex Kenjeev Paid His Student Loan in Cash
Yale Student Killed In Crash Days After Graduating
What's a Realistic Retirement Age?
Carrie Underwood's Grunge Rock Past: 'I Was All About Pearl Jam'
VIDEO, PHOTOS: Naked Face Eater Identified
I'm A Successful Entrepreneur But Might Get Deported
Farmers Hit the Jackpot in Kansas Oil Boom
America's 10 Best National Parks
Mary J. Blige, Charity Lawsuit: Singer's Foundation Sued for Failing to Repay $250K Loan
The Richest Woman in the World: How Gina Rinehart Earns her Billions
PHOTOS: Nicole Scherzinger Almost Reveals Too Much
Safeway Worker Stops Man From Beating Pregnant Woman, Gets Suspended
LOOK: Inside Honduras' Deadly Prisons
VIDEO: Cop Kills Naked Man Allegedly Eating Another Man's Face
Will You Be My Facebook Friend? No.
'Cannibal' Attack: Naked Man Shot Dead In Miami 'As He Chewed Victim's Face' (VIDEO, PICTURES)
Boy Locked In Filthy Coal Bunker Every Night For A Year
Blood Found In Missing Girl's Bedroom
PHOTOS: Americans Honor Troops On Memorial Day Weekend
VIDEO: 'The Guy Was Tearing Him To Pieces With His Mouth'
NSFW PHOTOS: A Little Too Much Of A Rear View
MSNBC Host Says He's 'Uncomfortable' Calling Soldiers Killed In Action 'Heroes'
Eight-Year-Old Upset After Teacher Gave Her The Biggest 'Catastrophe' Award
Another Deadly Northern Italian Earthquake
FREE FALLING
Police Arrest Parents Of Six Children Killed In Derby House Fire
When Jenny Was Still From The Block
Travel + Leisure: PHOTOS: America's Worst-Dressed People