Rich Russians’ villas in south of France
March 28, 2022 - The French government says it has frozen more than half a billion euros’ worth of opulent mansions of Russian billionaires. Along the French Riviera are seven estates tied to sanctioned oligarchs.
The Cap d’Antibes, a peninsula that juts out into the Mediterranean east of Cannes, and the nearby so-called Bay of Billionaires form an enclave that first gained its exclusive reputation decades ago as a hot spot for rock stars and royals, bankers and barons of industry, according to Bloomberg.
Rich Russians started settling in there and in nearby Saint-Jean-Cap-Ferrat shortly after the fall of the Soviet Union. Now several of them have been sanctioned by the EU, freezing bank accounts and other assets owned by the targeted individual. As a result, underlying property holdings can no longer be sold, mortgaged or rented out, Bloomberg said.