Russian Billionaire Mikhail Prokhorov seems to be having financial problems.  Mikhail has been considered Russia's richest man, but things may soon change.  After loosing about $5 Billion in bad investments and loss of business equity, Mikhail seems to be having some financial trouble.

Not too long ago, Mikhail purchased a quaint little villa on the French Riviera.  This humble abode, known to some as Villa Leopolda, only costs about 500 Million GBP (almost $1 Billion at time of purchase).  Not surprisingly, this was considered the worlds most expensive real estate purchase ... EVER!  Being Russia's richest man, Mikhail wasn't too worried about spending about $1 Billion on a little house on the French Riviera. 

Well, now that Mikhail is feeling the pinch of a falling market, he seems to have reconsidered his purchase.  Having only given a 39 Million GBP deposit, his purchase was never finalized.  The funny thing about this whole story, as if the rest wasn't bad enough, is that Mikhail expects to receive his deposit back.  Claiming a falling real estate market as the cause, Mikhail now says that the property is no longer worth what it was when he originally gave the deposit.

For obvious reasons, the seller is a bit less than pleased.  It would be a stretch to call Lily Safra, the current owner of this abode, a middle class housewife.  Lily has more or less told Mikhail where he can go, and now it looks like the courts will be involved.  Without much of a leg to stand on, I am not sure what Mikhail hopes to achieve.  The court costs are expected to run into the millions from both sides. 

Just a little bit about the house in question from DailyMail:

... the 22-acre estate, which was once a playground to jetsetters including Frank Sinatra and is so big it requires 50 full-time gardeners to care for its 1,200 olive, orange, lemon and cypress trees.

Not bad.  Well, if Lily is looking for someone to house sit, I would be happy to negotiate terms.