Deals
In Abramovich’s World, $47,000 Buys a Square Meter of Space
- Russian lost latest bid on tax bill over French holiday home
- France assessed his Château de la Croë to request extra taxes
Shortly after Roman Abramovich bought the Château de la Croë property about a decade ago on the exclusive Cap d’Antibes peninsula in the south of France, the taxman came knocking.
The Russian billionaire, French authorities said, had undervalued the holiday home and hadn’t paid enough wealth tax in 2006 and 2007. The tax agency valued the property at about 41,000 euros ($47,000) per square meter by comparing it to asset sales of similar caliber in the vicinity around that time.