billionaire

Warren Buffett isn't the only generous billionaire in the world. Businessweek reports that Russian billionaire Vladimir Potanin has said that he will plans to leave almost all of his estimated $2.1 billion fortune to charity within the next decade. Unlike Buffett, Potanin is a bit younger, just 49. He has three children. His assets include 25 percent of OAO GMK Norilsk Nickel, Russia's biggest mining company, 30 percent of lender OAO Rosbank, and the Rosa Khutor Olympic ski development. His Interros Holding Company will manage the assets which will eventually be transferred to a "special charity fund" but no designated benficiary for his largesse has been revealed. Ahead of the big donation Potanin will raise contributions to his existing charitable fund to at least $25 million a year.

What's Potanin's motivation? An article in The Financial Times says that Potanin was inspired by Bill Gates and Warren Buffett and has a long history of philanthropy. Potanin told the Financial Times he also wants his children to achieve and felt that inheriting wealth would only be a hindrance. Some feel that Potanin's generous move may inspire more Russians toward philanthropic aims, a trend I first heard Roustam Tariko, founder and chairman of Russia Standard vodka, speak about a few years ago.

The Golden State Warriors are for sale and billionaire Larry Ellison wants to buy, so what's the problem? It seems current team owner Chris Cohan is asking for too much money. He wants $400 million for the team today when he paid only $120 million when he bought it back in 1995. I'm no expert in valuing sports teams but that does seem like quite a jump, especially when the team has hardly been doing amazing things over the last 15 years.

Ellison seems determined, however, having been in talks with Cohan since last summer. He also seems a little frustrated, though, saying "I'm trying, I'm trying," and "Unfortunately you can't have a hostile takeover of a basketball team."

If Ellison does become owner of the Warriors his net worth of $22 billion will make him the richest NBA team owner in history.

It's hard to feel bad for Flavio Briatore. The billionaire playboy is credited with expanding the Benetton empire around the world, and then went on to manage its Formula One racing team. When French automaker Renault bought the team, he became team principal, taking on a public role within the glamorous sport. Along the way he also started a handful of other racing series, acquired an English football club, opened luxurious resorts around the world under the Billionaire brand and proceeded to date some of the most glamorous models and actresses on the world stage, fathering a child with none other than Heidi Klum. But his career came to a grinding halt last year with the so-called "crash-gate" affair.

According to accusations, Briatore ordered his driver Nelson Piquet Jr to crash in the 2008 Singapore Grand Prix, helping his team-mate Fernandlo Alonso win the race. Briatore was both boss and manager to both drivers, and when Piquet blew the whistle, Flavio was kicked out of the sport by the Federation Internationale de l'Automobile, the international governing body that supervises the sport.

Briatore has since won an appeal against the FIA in French courts, but says he'll never manage another F1 team again. Instead, he's suing the FIA again for damages caused to his reputation and to his driver management business. He may be cleared to race again, but Briatore's out for blood.

Billionaire Chuck Feeney has spread his philanthropy around the world as far as Australia and his latest plan is to help boost Irish tourism. The Irish-American philanthropist is working on a plan to give $100 vouchers to American tourists who visit Ireland. According to the London Times, tourism minister Martin Cullen said that Feeney got in touch with him after the Global Irish Economic Forum in Farmleigh, where business people got together to discuss the economy.

Feeney made his money through duty free products and in 1982 he set up Atlantic Philanthropies, which gives money to initiatives in Northern Ireland and the Republic of Ireland, as well as other places. Ireland's tourism industry slipped along with the rest of the world in 2009, falling by 12 percent. The vouchers which have a total value of up to $5 million, would be used for discount flights and hotel stays and could boost tourism numbers by 50,000.

Back in 2008 we reported that Tiger Woods was set to become the world's first billionaire athlete, with earnings on target to cross the billion-dollar mark, which they did in October. In order for his net worth to follow suit however, he would need to continue the momentum for at least another year, given the taxes and management fees he has to pay, to be considered a bona fide billionaire. Now in the wake of his fateful car crash and ongoing mistress revelations, along with the looming prospect of one of the most expensive sports divorce settlements ever and now news of his lucrative advertising revenue stream drying up, it seems Woods may never reach that goal. The golfer's $110 million in annual income from endorsements and tournaments, as estimated by Forbes magazine, hinges on his standing with consumers, which is currently at an all-time low. Sorry, Tiger, looks like you'll have to be content as a mere multimillionaire several times over - at least until that divorce goes through. For God's sake please don't end up like Lenny Dykstra.

In London today, $90 million in Russian art is going under the gavel, and the auction houses are hoping that a still robust community of Russian billionaires will come out in force to repatriate their heritage. Both Christie's and Sotheby's are holding auctions on December 1, 2 and 3, with MacDougall's, which specializes in Russian art, also selling on December 2 and 3. Bonhams is conducting one today.

There are some signs that the sales could go well. Sotheby's moved $13.8 million in Russian art at an auction a month ago, topping the $9 million presale estimate. The Russian government is saying the economy should grow next year, after falling 10 percent this year. If recovery is en route, big spending Russians may show up at this week's art auctions.

There's no shortage of Russian art coming on the market this week. In addition to the 540 lots being offered by Sotheby's, at a presale range of 14.8 million pounds to 21.2 million pounds, MacDougall's is selling 460 lots (12.5 million pounds to 17.6 million pounds), including a painting of a topless woman by Zinaida Serebriakova for between 1 million pounds and 1.5 million pounds. Christie's has 578 lots, with a presale estimate of 6.5 million pounds to 9.3 million pounds.

If the fears of hyperinflation are realized, you'll look back with pride on your luxury purchases. All that money you've sunk into custom jewelry and top-of-the-line stones will make you look like an absolute genius. Well, that's the position of South African billionaire Johann Rupert, and I'd take the advice of a guy who can be described that way.

According to Bloomberg News, the told investors, "If we enter hyperinflation, you're going to be so glad that you bought that stuff two months or six months ago." He added, "If inflation picks up, you're going to see people running into your stores, buying high jewelry."

Will inflation cause a mob to form outside the Cartier store on Fifth Avenue? Well, I don't think I'd worry too much about the pushing and shoving, but being ready to throw an elbow probably isn't a bad idea.

Of course, Rupert has something to gain – his company, Richemont, is the world's second largest luxury goods maker (behind LVMH). In his talk with investors in the company controlled by his family, he forecasted "normal growth" with luxury sales showing signs of recovery this month and next.

Ukraine is about to get a new contemporary art center. Victor Pinchuk is shooting to make Kiev a major art destination, so the wealthy art collector is creating a new center that will be larger than the existing PinchukArtCentre, which was the first private contemporary art center in the former Soviet Union and has had more than 830,000 visitors since its doors swung open in 2006.

Pinchuk, a steel billionaire, is an avid collector, with pieces by Jeff Koons, Damien Hirst and Andreas Gursky. His new endeavor, he tells Bloomberg News, "will make Kiev and Ukraine a fantastic place for contemporary art." Pinchuk made the proclamation at a show for 20 Ukrainian artists who were nominated for the first Pinchuk Art Center Prize, which comes with a cash component of $12,200 and a one-month internship with an artist from the international scene. Hirst himself will announce the winner on December 4, 2009.

Pinchuk has a strong relationship with the artist celebrity and owns "probably half" of the skull paintings (by the collector's own estimation) in the current Hirst show at the Wallace Collection in London. He also participated in Hirst's solo auction in September 2008 but wouldn't tell what he bought.

Back in February we reported that Carla Bruni-Sarkozy, the sexy supermodel, singer and first lady of France, had sold her family's castle in Italy (above) to an Arab sheikh. Now the buyer, who has since been revealed as billionaire Saudi businessman Prince Alwaleed bin Talal, has relisted the historic castle with an affiliate of Christie's Great Estates with a reported asking price of about $28 million; he was said to have originally paid anywhere from $12 million - $25 million depending on sources. The 40-room, 21,000-sq.-ft. Castello di Castagneto Po, near Turin, has been repeatedly destroyed and rebuilt over the years but is believed to first date from the year 1019. Bruni's father, the billionaire industrialist Alberto Bruni Tedeschi, bought the historic estate in 1952 for about $1.5 million. It is surrounded by 175 acres replete with vegetable gardens, orchards, flowering terraces, ancient greenhouses, a caretaker's house and a farm building.

Collectors are looking and thinking. They might take action, but it's still too soon to tell. The action at Foire Internationale d'Art Contemporain (FIAC) in Paris is deliberate: nobody's rushing to put their cash on the table. However, there are signs that some pricey and prestigious pieces may sell.

Last week, a painting by Piet Mondrian was put on reserve, at a price between $30 million and $40 million. One of Pablo Picasso's works was reserved, as well, at $24 million. Back in the art boom, these pieces would have been snapped up already, but dealers are saying that it's taking longer to complete sales at FIAC this year than last year. Even billionaires need convincing in this market, it seems.

Also, there's a greater desire to stay under the radar. Whether it's to maintain some privacy or hide the fact that they have the means to spend more than they like, some owners and buyers are turning to private sales. Bargains, thus, won't make it into the public record – sparing sellers the embarrassment and preventing the other holdings of all collectors from sustaining a measurable decline in value. If premiums are paid, buyers won't have to reveal that they have the cash to pay more, preventing prices from increasing broadly.

The latest trend for billionaires around the world seems to be not raises but showy pay cuts. Bloomberg reports that India's Mukesh Ambani, Asia's richest man, took a 66 percent pay cut to "set a personal example of moderation" after a government call for austerity, thereby reducing his salary before he was asked to do so. Ambani, who is the chairman of Reliance Industries Ltd., will still take home what works out to around $3.3 million in salary plus his family, which owns 49 percent of the company, gets around $216 million in dividends. His younger brother, Anil Ambani is also giving up salary and commission from the five companies he owns. Mukesh Ambani is famous for his extravagance. He is currently building what will be the world's most lavish home, a $2 billion 27-story skyscraper and in 2007 he bought his wife and Airbus 319 plane for her birthday.

Billionaire George Soros has made a big move for climate change. Recently in Copenhagen he announced that he will commit more than $1 billion of his estimated $13 billion fortune to clean energy investments and political efforts which help to benefit the environment. The money could help startups with an eco focus get much needed money to go forward at a time when venture capital is at a major low. Analysts say that Soros will likely focus on "mezzanine" investments helping relatively mature startups with some proven success get to the next level. Soros is a savvy investor and this isn't strictly an altruistic move. He says that he is looking for opportunities that will be both profitable and "make a real contribution to solving the problem of climate change." Soros also pledged $100 million over a 10-year period to the Climate Policy Initiative, a foundation created "to protect the public interest against special interests."

It's hard not to be a little envious of Alki David not only is he an actor and producer with roles in films like "The Bank Job" but he is also a billionaire heir to a shipping and bottling plant fortune. David, who has homes in Greece and Switzerland as well as several homes in England is looking to sell his Hampstead home. He and his wife are separating and in the Daily Mail he describes the seven-bedroom home, which he bought last year for £12.5 million, as "a mistake." As soon as the divorce is final the house will be sold. But his method of selling is a bit different, he plans to offer three agents two months to sell the house. The winner takes home a fixed commission, if it doesn't sell, he'll rent it out. A move from a man who clearly doesn't need the immediate influx of cash.

He will move into his £4 million property which has received an £800,000 renovation. Meanwhile, he is living in a two-bedroom flat in Knightsbridge bought two years ago for £1.8million which will give his soon-to-be ex-wife. He plans to expand his latest venture, online media company FilmOn, into the U.S. and is ready to capitalize on the lower prices in Los Angeles and pick up a new mansion there. But for tax purposes his main residence is Cyprus. He also owns a record label, modeling agency and founded the not-for-profit organization, BIOS which works on marine conservation in Greece.

Art Moscow features works from 40 galleries – both from Russia and around the world. Originally, the art fair was supposed to run in May, but Expo Park Exhibition Projects Ltd., its organizer, pushed it back to hit at the same time as the state run Third Moscow Biennale of Contemporary Art. The dual event may bring a bigger turnout, but it will have to overcome a 10 percent contraction in the Russian economy.

Counting against Art Moscow ... aside from general economic malaise ... is the fact that the sale of Russian artwork is down. The major auction houses in London moved only $48 million in Russian art in June, down more than half from the same auctions in 2008.

So, how likely is a stream of cash? Igor Markin, a big-time collector and owner of the Art4.ru museum, says he "hasn't bought anything in a long time."

One of Australia's richest men is proving that extravagant gifts have not gone out of style. Australia's fifth richest man reportedly picked up a 98-foot yacht at a marine auction at Brisbane's Rivergate Marina. The yacht, which cost $5.3 million Australian is said to be a give for his 15-year-old daughter, Emily. Palmer is the owner of the company, Mineralogy Pty Ltd. which mines iron ore in Western Australia. He owns the team Gold Coast United FC. He has three children and owns homes in Brisbane, Perth and Beijing as well as having three private jets and two helicopters. After 22 years of marriage his wife died of cancer spurring him to set up a charitable foundation to fund medical research. He has since remarried.

Based on information from Rivergate Marina it looks like the Horizon 98 foot yacht was sold in a receivership situation. The yacht was built in 2008 and has master and VIP staterooms with ensuites, two double cabins and accommodations for four crew. Listing pics in the gallery below and YouTube video after the jump.