Thursday, March 31, 2011

The U.S. Real Estate Market for Oligarchs is Just Fine

A Russian oligarch has paid $100 million for a French chateau-style mansion in Silicon Valley, making it the highest known price paid for a single-family home in the U.S.

Yuri Milner, who studied theoretical physics in Moscow and attended the University of Pennsylvania's Wharton School of Business, began his business career in Moscow in the rough and tumble 1990s, when if you were shrewd and developed the right connections, you could grab a huge chunk of Russian natural resources for yourself. It was called privatisation, but in reality it was the birth of the 20th century oligarchs, who now control Russia with a nod here and a wave of the hand there.

The oligarchs continue to make moves in the United States. Oligarch Mikhail Prokohorov now owns the New Jersey Nets. Milner has investments in Facebook Inc., Groupon Inc. and Zynga Inc, according to WSJ. I once provided some consulting work for a Russian group that was looking at acquiring some Nevada gold properties.

Milner lives with his family in Moscow, so the $100 million dollar mansion should be considered a second home.

There's more about the house at WSJ.

(Thanks2 Nick and Lew Rockwell)

1 comment:

  1. As long as you have the money, you can freely buy property here in the US. Even become a citizen too in the process. More real estate articles here