Russian Oligarchs Sell Yachts and Jets
By Stephanie Wilson
The global recession has hit Russia—hard. The London Telegraph is reporting that the country’s billionaires have lost more than $224.9 billion between them, and the country’s wealthiest men are being forced to give up their creature comforts. Sergei Polonsky of Mirax Group, whose net worth was close to a billion dollars before the collapse, announced that he is selling not only his personal yachts, but also his grand home on the Cote d’Azur and a hotel in Turkey. Diamond billionaire Lev Levaev just sold his Bombardier jet for $45 million—about $9.5 million less than he paid for it.
The article reports:
“Yacht manufacturers have reported cancellations of commissions after wealthy clients found they could no longer afford them, and aircraft companies have reported a sharp downturn in sales in Russia. A spokesman for Gulfstream jets, which normally sells around 20 aircraft each year in Russia, said recently that the company had taken no new orders in Russia in the second half of last year.”
Bucking the trend, as per usual, is Roman Abramovich, who is moving forward with his plans to build $270 million, 550-foot megayacht, which will be the largest private vessel ever created.
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