The Real Deal New York

What’s a $1.4M tax bill to a billionaire? For Roman Abramovich, it’s worth suing the government

The Russian oligarch battled French tax authorities over his Cap D’Antibes mansion
October 13, 2018 02:02PM

Roman Abramovich. (Credit from left: Heinrich Kerschbaumer, Getty Images)

You’d think 1.2 million Euros ($1.39 million) wouldn’t mean much to Roman Abramovich, but the Russian oligarch has tried what he can to avoid paying that in taxes.

French tax authorities claim Abramovich undervalued his mansion in Southern France and owes the government an additional 1.2 million Euros in wealth taxes for the years 2006 and 2007, Bloomberg reported.

Abramovich countered by suing the government, claiming it overvalued the 807,000-square-foot property, which includes a mansion and a guest house.

Overlooking the Mediterranean sea at the tip of the Cap d’Antibes, it was previously home to England’s King Edward VIII, Belgium’s King Leopold III, Egypt’s King Farouk I and shipping tycoon Aristotle Onassis.

Abramovich’s efforts were in vain: in late September a French court ruled that its assessment was accurate.

In New York, Abramovich has another home in the works. He is reportedly planning a megamansion on the Upper East Side. [Bloomberg] — Konrad Putzier