Court orders Abramovich to pay €1.200.000 tax on Cote d'Azur house

Court orders Abramovich to pay €1.200.000 tax on Cote d'Azur house
Roman Abramovich

The Supreme Court of France has rejected Roman Abramovich’s claim to the country’s tax authorities. The billionaire had argued that the tax on his Cap d'Antibes villa was too high.

Roman Abramovich went to the Supreme Court of France, where he tried in vain to obtain an appeal of a lower court’s decision regarding the claims of the country's tax authorities. The court agreed that the billionaire had underestimated the value of his Riviera villa between 2006 and 2007 underpaying €1.2-million’s worth of wealth tax to the French treasury, Bloomberg reported.

Abramovich’s defense lawyers responded by pointing out that the tax authorities had been overestimating the true value of Cap d'Antibes’s Château de la Croë. According to the legal team, the billionaire had to invest about €150 million in the house, which had been in disrepair for almost 30 years after a fire.

The defense also emphasized that although Château de la Croë had been home to English King Edward VII, Belgium King Leopold III, Greek billionaire Aristotle Socrates Onassis, it does not mean that the house could ever be compared to other luxurious Cote d'Azur mansions in terms of price.

However, the court did not agree with the argument saying that the Château de la Croë is one of French Riviera’s pearls and could be compared to the nearby Villa Fiorentina, where actresses Elizabeth Taylor and Greta Garbo had once lived; it was sold for €73 million in 2004.

There is no official information on how much Abramovich paid for the house in the first place. The Daily Telegraph claimed in 2011 that the figure was £30 million.

Abramovich’s spokesperson, John Mann, is yet to return RBC’s calls.

Tags: Oligarchs
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