Bad news for free-spending Russian billionaire and Luxist mascot Roman Abramovich: he lost a staggering $20 billion over the past few months as Russia's financial markets took a tumble. The figure was calculated "based on assets excluding property and cash," Bloomberg reports, and it means that Abramovich's net worth is now only $3.5 billion. He had previously been ranked as the 15th richest man in the world with a fortune of $23.5 billion.

Some other Russian oligarchs have fared pretty poorly as well. Russia's richest man - well, formerly anyway - Oleg Deripaska lost more than $16 billion, and Vladimir Lisin lost $22 billion. Overall, Russia's richest men have lost a combined total of $230 billion in five months, Bloomberg notes. No single man has suufered as much as Indian steel tycoon Lakshmi Mittal, who lost $28 billion as we reported earlier this week. Still, Abramovich's loss is likely to affect him more as he so obviously enjoyed spending his immense wealth. So - anyone want to buy a $350 million megayacht?

A group of billionaire investors including Oleg Deripaska (Russia's richest man) and LVMH chairman Bernard Arnault are backing a scheme to turn Tivat, a derelict port and ex-Yugoslav naval base in the former communist country of Montenegro, into the next playground for the megarich. The site's former naval dockyard fronting the Adriatic Sea will be converted into a lavish marina for superyachts, officially dubbed Porto Montenegro and biiled as "the Monaco of the Balkans," at a cost of around $350 million, the Times of London reports.

"The yachts are getting bigger and bigger," says Canadian mining magnate Peter Munk, who conceived of the project. "And people are complaining that they can't find proper berths for their boats. That's no problem in Tivat. It used to cater to warships." In addition to the great natural beauty of Montenegro, the development will feature moorings for up to 800 yachts as well as repair yards, hotels, restaurants, shops and possibly a casino. In addition, the Four Seasons is building its first Mediterranean resort there on the site of a former warehouse, slated to open in 2010.

Meanwhile, another oligarch, Luxist mascot Roman Abramovich, is said to be in talks to purchase an eight-mile strip of beach to build his own Montenegrin luxury resort, while Michael Douglas and Catherine Zeta-Jones and Venus and Serena Williams have recently been spotted house-hunting in the area, the paper reports. This is something of a throwback to the 1950s and 1960s, when stars like Elizabeth Taylor, Sophia Loren and Kirk Douglas holidayed on Montenegro's beautiful red-tiled resort island of Sveti Stefan (above). See the gallery for more.

For the very first time in the history of Russia, over 100 children are in line to inherit more than $1 billion each from their ultra-rich oligarch fathers. Russian business magazine Finans has found the number of likely legatees swelled to 112 this year, as compared with 70 last year, the London Telegraph reports.

At the top of the list are the two toddlers belonging to Russia's richest man, Oleg Deripaska, who stand to inherit as much as $20 billion each. The paper notes the list is not terribly scientific, however, as the rankings were arrived at merely by dividing each billionaire's fortune by the number of children he has, without regard to age, primogeniture or other mitigating factors.

Therefore, since Luxist mascot Roman Abramovich (right) has five children, his brood only clocks in at No. 34, with an expectation of $4.6 billion each. Elsewhere on the list, Lukoil owner Vagit Alekperov's son makes No. 2 with $13.5 billion coming to him, and steel tycoon Vladimir Lisin's three children rank at No. 14 with $7.4 billion each. See the gallery for some of Russia's richest dads.

Oleg Deripaska (right), 40, the richest man in Russia with a fortune of $28 billion and the 9th richest man in world (Luxist fave Roman Abramovich is #15), has reportedly held talks with General Motors about acquiring their beleaguered Hummer division.

As my colleague Deidre Woollard reported last month, Hummer is in financial trouble in the wake of the oil and gas price explosion, with sales of the SUV having tumbled some 40 percent through June. Ailing GM has announced plans to unload the brand, and Deripaska, whose company Russian Machines recently acquired a major stake in Canadian auto parts manufacturer Magna International, is a natural buyer.

In the wake of the reports, Russian Machines issued a statement saying it was "not strategically interested in such a deal", which sounds to us like a non-denial denial. We would hardly expect him to invite counter-offers by publicizing a planned acquisition before the deal is signed. This past New Year's Eve Deripaska paid Barbadian signer Rihanna $500,000 for a private 40 minute performance for his friends.