Top End properties dropping in price

Uber-expensive properties along the French Riviera are becoming more affordable by the day....

Villa Leopolda, which was due to be sold to a Russian billionaire for �450m in 2008, making it the most expensive property of all time, is now back on the market after the sale collapsed. The villa is now unlikely to be sold for over �30m according to Alexander Kraft, ceo of Sotheby’s International Realty. “For trophy properties it used to be a question of how much someone was willing to pay. This system has totally collapsed. Buyers willing to pay anything like those sums just don’t exist,” he explained.