dfosterf
15 years ago
NBC sports article 

I know many have seen this, but to those that have not:

New Nets owner loses $53 million deposit on home. Oh well
Wed Mar 03,2010 11:00 AM ET By Rick Chandler

Who is Mikhail Prokhorov? Think of the New Jersey Nets as owned by Goldfinger.

Russia's richest man, who made his $9 billion fortune mainly in nickel and gold production and nanotechnology development, will soon become the NBA's tallest owner (pending league approval).

In September he sunk $200 million into purchasing the Nets and a reported $700 million toward funding a new arena complex in Brooklyn.

But one now has to ask: what's more foolhardy? Buying the Nets, or backing out of a deal to purchase a mansion and losing your $53 million deposit?

Seeing that it gave me a headache all day when I missed the deadline for sending in my iPod rebate, I'd pick the latter.

From ABC News:
A French court ruled Monday that nickel tycoon Mikhail Prokhorov would not get back the deposit he put down on a sprawling, $530 million villa on the French Riviera. He backed out of the purchase in 2008 as the global financial crisis gathered steam.

"We have lost," Prokhorov's lawyer Jean-Pierre Gastaud said after the court in the southern city of Nice made its decision. Gastaud said he would urge his client to appeal.

A few details on the humble abode:
The mansion at the center of the lawsuit is a spectacular 20-acre spread between Nice and Monaco looking out over the Mediterranean. Fifty gardeners are reportedly needed to tend to the property's manicured gardens and hundreds of lemon, cypress and olive trees.
Its price tag reportedly broke the record for the most expensive ever, appropriate for a manse named Villa Leopolda after the man who built it, King Leopold II of Belgium.

More from the Prokhorov File: He's been called Russia's most eligible bachelor; is fond of traveling the world in his private jet with beautiful women in tow; jet-ski backflips!; and was once arrested in an investigation of a high-end prostitution ring (he was eventually released and not charged).

Hmm ... I wonder what the deposit was on the Nets?

UPDATE: From The London Times:
The deposit is to remain in the hands of the owner, Lily Safra, 71, the widow of Edmond Safra, the banker billionaire who was murdered by his male nurse in Monaco in 1999. The court also awarded Mrs Safra 1.5 million euros in damages. She had been forced to lay off the 27 guards, gardeners, servants and cooks at the villa. They have since been re-engaged.

Mrs Safra said that she would donate the money to ten charities, including neuroscience research at King's College London and Imperial College London. "By transforming the deposit into an act of giving I would like to encourage all who can do so to support medical research, patient care, education and other humanitarian causes," she said.



I wonder if he is related to Al Davis?
TheEngineer
15 years ago
Are housing deposits non-refundable?
blank
Nonstopdrivel
15 years ago
It depends on your particular contract. In many cases, yes. They are security for the transaction and thus forfeit if the transaction is defaulted upon.
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dfosterf (21h) : Meathead "journalists" skip this, concentrating on operational revenue when convenient. They switch when net revenue is more favorable.
dfosterf (21h) : Resulting in an actual drop of net revenue of 12.5%. She is from Minnesota. Just sayin'
dfosterf (21h) : Any plans to hold Maureen Smith (CFO) accountable for a 95% drop in investment revenue?
Mucky Tundra (22h) : In your face, HBO!
Mucky Tundra (22h) : @ByRyanWood Mark Murphy: “A great source of pride of mine is that we were never on Hard Knocks.”
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dfosterf (22h) : *cafeteria* I have hit my head also, so I sympathize
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Mucky Tundra (22h) : also, no bueno when a guy starts getting concussions right off the bat in his career
Zero2Cool (23h) : Concussion is worse. Banks probably vet off day via back booboo claim
Mucky Tundra (25-Jul) : @AndyHermanNFL Jordy Nelson out at camp today. No word if he’s in play for one of the two open roster spots ; )
dfosterf (25-Jul) : Is that better or worse than Banks bad back?
Zero2Cool (25-Jul) : Savion concussion ... not good.
packerfanoutwest (24-Jul) : Aaron Rodgers’s first pass of first team period was picked off
Mucky Tundra (24-Jul) : tbh I didn't hear of his passing
Zero2Cool (24-Jul) : Cosby Show. Malcom Jamal Warner I think is real name
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Zero2Cool (24-Jul) : Hulk Hogan gone too.
Zero2Cool (24-Jul) : Oh, it's toe injury
Zero2Cool (24-Jul) : Hope it's not serious. that would stink
dfosterf (24-Jul) : Sounds like an ankle not a knee for Fields
dfosterf (24-Jul) : Ya Flaccp on Browns
Zero2Cool (24-Jul) : Maybe Tyrod Taylor instead
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dfosterf (24-Jul) : They would probably go with Flacco is my guess if Fields out
dfosterf (24-Jul) : Fleece 'em again!
Zero2Cool (24-Jul) : Malik Willis might be someone Jets come after
packerfanoutwest (24-Jul) : Packers introduce 1923-inspired classic uniform, leather-look helmet
Zero2Cool (23-Jul) : Both LB Quay Walker and Rookie DB Micah Robinson have passed their physicals
Zero2Cool (23-Jul) : Happy to see site feels more snappy snappy
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dfosterf (23-Jul) : You didn't get free childcare when you were at work?
wpr (23-Jul) : These guys make hundreds of thousands of dollars a year. Pay for their own childcare.
dfosterf (23-Jul) : 2nd issue. Number 1 issue was no gameday childcare. 1 of 3 teams not providing it
Zero2Cool (23-Jul) : Suppose if locker room is main issue, we sitting pretty
wpr (23-Jul) : I thought so Mucky. In those useless player polls GB always rates high overall. Locker is a part of it.
Mucky Tundra (23-Jul) : Wasn't the locker room just updated like 6 or 7 years ago?
Zero2Cool (23-Jul) : I have forum updated on different site. We'll see how this one goes before going to that
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wpr (23-Jul) : It's funny the PA complained about the locker room. It wasn't that long ago it was top shelf. Things change in a hurry.
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Zero2Cool (23-Jul) : NFLPA report said Packers lockerroom needed upgrade. Whining bout where you change?
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