Even Russian Billionaires Get the Blues

As President Obama offers some hope to U.S. homeowners buried by bad mortgages, Russia's richest man is having a bit of a housing crisis of his own. Metal tycoon Mikhail Prokhmorov wants to back away from a deal to buy a 500 million pound ($719.2 million) , 22-acre estate on the French Riviera.

Mikhail Prokhmorov put down a 39 million pound ($56.1 million) deposit on the property in August. But since then, he's reportedly lost untold billons and now wants his deposit back from the home's owner, Lily Safra, widow of Lebanese banker Edmond Safra.

According to the Daily Mail, Safra refused the request. "The deal was agreed in principle, and the money is owed to me," she reportedly told estate agents. A source close to the deal added: "Lily is adamant that she's not handing the deposit back ... Mr. Prokhorov, in turn, claims that property prices have collapsed since August, and the figures originally discussed were unreasonable. He wants out, and he wants his money back."

The villa was built in 1902 for Belgian King Leopold II near Cap Ferrat, between Nice and Monaco. It requires 50 full-time gardeners to care for its 1,200 olive, orange, lemon and cypress trees, the Daily Mail reported.

It is considered the world's most expensive house.

by J. Jennings Moss