Helipads, climate-controlled fur coat closets and ostentatiously dripping in gold: Inside the Russian mega-mansions that've had £40m knocked off the asking prices as Moscow feels a financial chill (but they still cost £50m!)
- Property prices in Russia are being slashed and up to £44m is being knocked of the value of the most lavish home
- Sashing of house values shows how Russia's elite are reeling from low oil prices and punishing Western sanctions
- In Rublyovka, known as Beverly Hills, property prices fell 36 per cent in the first half of this year compared to 2014
- A palace advertised at the start of this year for £70m has been reduced to £26m - a little over a third its original price
Nine-bedroom
mansions, swimming pools and climate-controlled rooms to keep furs in
good condition can now be snapped up for a (relatively) bargain price in
Russia as house prices plummet amid political uncertainty.
Some
of the most stunning property bargains in the world are now available
close to Vladimir Putin's own country estate with up to £44m wiped off
prices.
The
slashing of house values shows how Russia's elite are reeling from low
oil prices and punishing Western sanctions over the Ukraine crisis.
Whether
you're seeking an ostentatious palace in Moscow, a top ballerina's
penthouse in St Petersburg, or the ultimate holiday home in remote
Siberia, there are deals galore... but you'd still need a cool £50m to
get your foot on the mega-mansion ladder.
Scroll down for video
Lavish: This penthouse on two levels in St Petersburg - Putin's home city and tsarist capital of Russia - is worth £8million
Extravagant: This home is listed for
£51m but experts say it would have sold for in excess of £74 million or
more before the crisis
Dripping in gold: This palace was
originally advertised for £70m - a similar price to a five-bedroom
property at One Hyde Park, London
Luxurious: This large home now on the
market is at Sady Meyendorf, Russia, has a swimming pool, gym, solarium,
sauna, and a wine cellar
Famous name: This downtown St
Petersburg penthouse of world renowned ballerina Anastasia Volochkova,
has been on and off the market
For
now, if you want to live like an oligarch and be neighbours with
household names like Roman Abramovich, Alisher Usmanov and Oleg
Deripaska, the dizzying discounts come in millions, and sometimes tens
of millions.
In
Rublyovka, known as Russia's Beverly Hills, close to Putin's own
heavily-guarded Novo-Ogaryovo official residence with six-metre high
fences, average new property prices fell 36 per cent in the first half
of this year compared to the same period in 2014 - when a downward
spiral was already underway.
This
catastrophic collapse in property values highlights the straitened
financial circumstances of many Reds-to-Riches moguls as economic
hardship bites, with some selling so they can flee to their luxury
bolt-holes in the West amid the menacing economic storm clouds.
'Often
the true scale of the fall in prices is not clear in advertised prices,
and only becomes evident in the secrecy of the deal struck between the
tycoon who is desperate to sell and the bargain-seeking buyer,' one
estate agent dealing in upmarket Moscow homes explained.
'Make no mistake, the market has plummeted, and it shows no signs of stopping.'
Alexei
Treschev, director of city and regional property for Knight Frank in
Moscow, said discounts of '40 to 50 per cent' can be offered based on
'the personal financial situation of the buyer'.
As
Leonid Krongauz, of Kalinka Realty, said recently: 'The political and
economic instability prevents everyone from buying real estate.'
For
sellers in this area, where some mansions are connected to a
closed-network Kremlin landline phone system, the pressure to cash-in is
acute and the losses vast.
Regal: This mock baronial castle comes
with its own lake and came on the market a year ago for £64m but the
price has now fallen to £51m
Castle: The imposing property
in Rublyovka is priced at £51m but it is believed the owner would settle
for less in the current market
Imposing: This grand home boast a
large patio area with a fountain, greenery and a staggering 43,000
square feet of living space inside
Breathtaking: This castle in
Rublyovka, Russia, is just one of the many properties which have had
their asking prices cut by millions
One
jaw-dropping mock baronial castle with its own lake in Rublyovka came
on the market a year ago for £64m, and as usual for elite property in
Russia, was priced in dollars to seek to avoid the tumbling rouble.
With
sweeping grounds, and a staggering 43,000 square feet of living space,
the price fell to £51 million and there are hints the owner would settle
for significantly less, which is certainly the case for many properties
here on Oligarch Row.
A
golden palace which was advertised at the start of this year for £70m
demonstrated the scale of the collapse in prices. You could have bought a
five-bedroomed property at the exclusive One Hyde Park, London, for a
similar price.
It
is supposed to be 'fit for a tsar' with nine sumptuous bedrooms,
baroque-style living areas and two pools, while being awash with
chandeliers and gold decorations throughout.
Yet there is a lack of buyers for its custom-made ornate furniture and rolling estate, replete with towering pine trees.
So
much so that in just six months the price has nosedived by a staggering
£44m to £26m - a little more than a third its original asking price.
With
one bedroom themed entirely in red, black and gold, even down to the
colours of the wooden floor, is still far from clear it will sell at
this price.
One
agent said: 'The interiors are reminiscent of baroque palaces. The
rooms have a lot of gold, natural stone and precious wood. In some rooms
the floors are made of natural marble and the billiard room and library
are solid oak and mahogany.'
A
walk-in shower is set on a marble plinth amid jokes the house is large
enough to accommodate an oligarch and all his mistresses.
Grand: This
property was advertised at the start of this year for £70m - similar to
the price of five-bedroomed property at One Hyde Park
Flashy: This walk-in shower is set on a
marble plinth at this property, which it is supposed to be 'fit for a
tsar' with nine bedrooms
Devalued: The price of this palace has
fallen by a staggering £44m to £26m in six months - a little more than a
third its original asking price
Sumptuous: The rooms are filled with
gold, natural stone and wood. The billiard room and library are filled
with solid oak and mahogany
Stunning: This property, now worth £26m, is filled with extravagant chandeliers and decorations dripping in gold throughout
Kalinka
agency has been selling a house in this vicinity for £70.5m, but the
guaranteed discount is said to be £13 million. A sculpture of a naked
woman made from small bullet casings is also negotiable.
Another
stupendous estate on the market currently on prestigious Skolkovskoe
Shosse is listed for £51m, subject to negotiation as all properties are
currently in Moscow, but experts say it would have sold for in excess of
£74 million or even more before the crisis.
It
has its own cinema, a sports hall with showers, a swimming pool,
Turkish hammam (bath), and sauna with an ice pool to cool off.
It boasts an wine cellar, a 'storage room for presents', and a garage for seven cars.
The
property includes an office for the master of the house and another for
his butler, along with a dining room to comfortably accommodate 14, and
a separate house with accommodation for the servants, and another for
the security guards.
On
the second floor is a balcony overlooking the main hall with its
fireplace, a main bedroom with his and hers bathrooms and showers, a
boudoir, a 'resting room' and several dressing rooms.
There
are two children's bedrooms with bathrooms, a play hall, and a bedroom
for the nanny with its own dressing room and bathroom.
'This
luxurious house was built according the design project of well known
designer Nana Getashvili,' explains the Knight Frank brochure.
'Interiors are in art-deco style, they demonstrate sophisticated taste
and the high social status of the owner.
'The
main hall at the ground floor is decorated with exotic stairs shaped
like a horseshoe. Accessories were ordered exclusively in Italy.'
Contemporary: This mansion on prestigious Skolkovskoe Shosse has its own cinema, a sports hall with showers and a swimming pool
Pricey: This mansion is on the
marketfor £51m but experts say it would have sold for in excess of £74
million or even more before the crisis
Opulence: The property includes an
office for the master of the house and another for his butler, along
with an enormous dining room
Desirable: If you have £51m you can
buy this property which has a wine cellar, a 'storage room for
presents', and a garage for seven cars
Grandeur: On the second floor is a
balcony overlooking the main hall with a fireplace and a main bedroom
with his and hers bathrooms
It
was once said of this area: 'Along with vodka, Matryoshka dolls and
AK-47s, Rublyovka has become a symbol of the new Russia and its new
myths. Living at Rublyovka spells success for some, and for others is an
example of bad taste.'
The
highway along which some of Russia's most elite families live has been a
place of privilege since long before Soviet times. In the Imperial
period, it was known as the 'Tsar's Road' as long ago as the 16th
century.
'The times changed, but the nobility continued to live at Rublyovka,' wrote one authority on Rublyovka, Valerij Panyushkin.
'This
is where the dachas of Lenin and Stalin were located, as well as the
summer residences of all the subsequent general secretaries, from
Khrushchev to Gorbachev.'
Today,
the prized properties here are virtually all constructed since the Red
Flag was hauled down in the past almost quarter of a century, before
which private property was all-but non-existent.
Kitsch and gaudy, there are faux chateaus and palaces, all well guarded by armies of security operatives.
Another large home now on the market is at Sady Meyendorf, one of numerous elite guarded compounds in this suburb.
On three levels, it has a swimming pool, gym, solarium, sauna, wine cellar, and numerous bedrooms with a children's wing.
On the market for almost a year, its price has yo-yo'ed between £47m and £37m without finding a buyer.
Indulgent: This large home at Sady Meyendorf in Russia is heavily guarded and comes with an eye-watering price tag of £47m
Splendour: The property is set across
three levels and has its own swimming pool, a gym, sauna, wine cellar
and numerous bedrooms
Desirable: The enormous Russian home
has been on the market for almost a year but it still hasn't been
snapped up by a wealthy buyer
Beautiful: On three levels, it has a
swimming pool, gym, solarium, sauna, wine cellar, and numerous bedrooms
with a children's wing
Not sold: On the market for almost a
year, this property's price has yo-yo'ed between £47m and £37m but a
buyer has not yet been found
Tasteful: While some of the expensive Russian properties are kitsch and gaudy, this pricey home has been decorated tastefully
Further
out of the city, at Gorky-10 village, a slightly more modest home with
swimming pool, cinema hall, library, gym and servants quarters and five
bedrooms - together with a separate eight-room guest house - was on the
market for £11.5m, before being slashed by one third to £7.7m.
Yet still it has not yet budged.
Still
on the market, despite a £1.6m discount at Christmas is a high-tech
modernistic four bedroom home now costing £11.2m at Zhukovka XXI
settlement, also on the fringes of Moscow.
If
these are houses for billionaires or well-stacked multi-millionaires,
the same agony in shrinking values afflicts more humble simple
millionaires in the wake of the rouble's plummet since Putin's
annexation of Crimea.
This
plight of wealthy moguls is highlighted by another property, a
'cottage' with swimming pool at Barvikha XXI settlement on
Rublevo-Uspenskoe Shosse, put on sale for £6.4m in December 2014.
But
online statistics show the dire state of the market: 727 people read
the advertisement, 11 liked it, but nobody sent any offers or queries.
Another
property that isn't moving is the downtown St Petersburg penthouse of
world famous ballerina Anastasia Volochkova, which has been on and off
the market in the crisis period.
Patriotically,
this was priced in Russian currency not dollars, yet agents had to
recalibrate the sum from 89 million to 130 million due to the sinking of
the rouble.
Despite
this hike, it still masked a reduction in the asking price from £1.6m
to £1.46m, well below what she might have got for it a few years ago.
And even so it is not selling.
Modest: At Gorky-10 village, this home has a swimming pool, cinema hall, library, gym and servants quarters and five bedrooms
Property price: It has a separate eight-room guest house and was is on the market for £7.7m after being slashed from £11.5m
Unsold: The home at Gorky-10 village
has still not been sold despite the price being slashed by one third to
£7.7m at Christmas time
Fortune: A free-standing bathtub is joined by his and hers sinks in this opulent Russian property which will set you back £7.7m
Modern: Still on the market, despite a £1.6m discount at Christmas is a hi-tech modernistic four bedroom home now costing £11.2m
Clean lines: Situated in the Zhukovka
XXI settlement, the property is monotone and boasts clean lines and
incredibly tall ceilings
Futuristic: The house the Zhukovka XXI
settlement is filled with hardwood floors and stone walls and has been
tastefully decorated
Little interest: This 'cottage' with
swimming pool at Barvikha XXI settlement on Rublevo-Uspenskoe Shosse,
was put on sale for £6.4m
No sale: This property was listed for
sale in 2014 and 727 people read the advertisement, 11 liked it, but
nobody sent any offers or queries
State of the market: Despite interest,
no one has made an offer on this home at Barvikha XXI settlement on
Rublevo-Uspenskoe Shosse
In
a grandiose building designed in the tsarist era by famed Italian
architect Carlo Rossi, estate agents MK Elite boasts: 'The interior is
breathtaking, it's made in a traditional palace style so anyone will
feel like a member of a royal family.
'We'd like to point out the delicacy of the Venetian plaster, carving and gilding, as well as hand-carved mirror frames.
'There
is even a fireplace in the apartment, you can set a fire on a cold
winter evening and make the place feel even more cosy.'
From
its windows are 'spectacular' views of historic St Petersburg, one of
Europe's most beautiful cities and the heart of Russia's cultural
capital.
The
glamorous Volochkova, now 39, became famous in Britain when besotted
millionaire admirer, lawyer Anthony Kerman, personally rented out the
London Palladium to allow her to showcase her talents while also
providing her with a flat in the capital and a chauffeur-driven limo.
Dubbed
the 'wicked witch' at the time, a decade and a half ago the Bolshoi
Ballet star denied being a marriage wrecker, even though her patron's
marriage broke up following her arrival.
The
Volochkova apartment includes a dining room, lounge, two bedrooms,
bathroom and spacious kitchen, with a total area of 196 square metres.
It's ornate ceilings were painted by experts from the Hermitage Museum in St Petersburg.
Another
penthouse on two levels in St Petersburg - Putin's home city and
tsarist capital of Russia - comes with a Steinway piano and its own
'smoking room', and is 'decorated in palace-style and worthy of a royal
family' in an historical location close to St Vladimir's Cathedral. JJJ
This is now on sale for £8.07m but insiders say pre-crisis it would have been valued at up to £12.8m.
Penthouse: This home is in St
Petersburg - Putin's home city and tsarist capital of Russia - and comes
comes with a Steinway piano
Stipes: This penthouse has its own
'smoking room', and is 'decorated in palace-style and worthy of a royal
family' in an historical location
Cut price: This St Petersberg
penthouse is now on sale for £8.07m but insiders say pre-crisis it would
have been valued at up to £12.8m
History: This is the downtown St
Petersburg home of world famous ballerina Anastasia Volochkova, which
has been on and off the market
Unusual design: From the peroperty's
windows are 'spectacular' views of historic St Petersburg, one of
Europe's most beautiful cities
Things are just as bleak in downtown Moscow.
One
prestigious address - on four storeys - offers a 22-metre saltwater lap
pool, a climate controlled room to keep furs in good condition, and a
balcony that doubles up as a helipad. Its cost has dropped £28.8m to
£19.2m.
The
doldrums are reflected by reports this month that not a single
prestigious flat in Ostozhenka Street - aka the Golden Mile, and packed
with some of Moscow's most upmarket newly-built apartments - sold during
the past six months. The average cost here is £4.2m.
If your taste is somewhere more off the beaten track, how about Siberia?
One
epic mansion deep in the forest near Novosibirsk is now off the market
after selling for 'well below' its quoted price of £5.4m.
With
views over the Ob River - the seventh largest in the world - it has a
delightful English-style lawn with fir and birch trees, as well as
bushes, and an artificial lake stocked with fish and complete with a
waterfall.
It perhaps alters the gulag stereotype about Siberia, but other plush homes in the region are harder to sell.
Five
time zones east of Moscow is a gold leaf and stucco mansion in historic
Irkutsk, close to the world's oldest and deepest lake, Baikal.
With
baroque designs, a wide staircase, carved railings and handmade
chandeliers, it boasts a swimming pool, billiard room, and fireplace,
and is priced at £957,000, which insiders say is 50 per cent below the
likely market level 18 months ago.
Magical: This address - on four
storeys - offers a 22-metre saltwater lap pool and a climate controlled
room to keep furs in good condition
Office: This stunning property has a
balcony that doubles up as a helipad. It's price has dropped by almost
£10m from £28.8m to £19.2m.
Capital: This Moscow property is suffering the same fate as others in the country - the value has dropped by a whopping £10m
Pool with a view: If you owned this property, you could take a swim while looking out across the skyline of Moscow in Russia
Prestigious area: Not a single flat in
Ostozhenka Street - aka the Golden Mile - sold during the past six
months. The average cost is £4.2m
Back
in Moscow in the prestigious Rubyovka region, Ilya Menzhunov, director
of elite real estate Metrium Group, admitted: 'Competition is growing
and it makes owners cut prices or offer large discounts....Many buyers
today want to get a 50 per cent discount - and more.'
Sellers are offering 30 to 35 per cent 'when they need to sell urgently. In general, a good discount is 20 to 25 per cent.'
But
some agents - like Kalinka Group's Ekaterina Rumyantseva - thinks the
market has now bottomed out, which means buyers including investors will
make a killing as the market recovers.
Others
are more sceptical, seeing no end to the bitter dispute in Ukraine,
even if there is currently less fighting, and an imminent end to Western
sanctions as unlikely.
But
she stressed those looking for bargains - and able to spend - 'have a
good choice which allows them to find the optimum house in terms of
location, budget, square metres, and infrastructure'.
With
elite city property it is 'a buyer's market - he dictates his
terms....prices in dollars in general went 30 to 40 per cent down,
comparing to pre-crisis times'.
Mr Treschev, from Knight Frank, puts the 'sagging' or decline in the market at up to 50 per cent but claims it can recover.
He
admitted that not all houses in the elite top end of the market are
visible to the public, perhaps because wealthy sellers in financial
straits or buyers do not want to highlight their deals.
'There
are about 40 houses in our database which belong to ultra-expensive
segment of the market, those over 25 million US dollars. But many deals
in the segment are closed from public view."
Elena
Iskovskikh, commercial director of Yard Real Estate Agency, which runs
rublyovka.ru property site on which many of the elite houses are listed,
said a few years ago the main buyers of elite houses were enriched
apparatchiks - or officials - and 'big bosses from the oil and gas
industry'.
Today, within the new clients 'the number of bureaucrats is very low'.
While
this is not an allegation she makes, some would believe such buyers had
got rich on bribes while holding public positions, which enabled them
to buy lavish property, but who are now desperate to sell.
Magnificent:
This enormous gold leaf and stucco mansion in historic Irkutsk is close
to the world's oldest and deepest lake, Baikal
Room for the whole family: This
property is priced at £957,000, which insiders say is 50 per cent below
the market level 18 months ago
Style: With baroque designs, a wide
staircase, carved railings and handmade chandeliers, it boasts a
swimming pool, and a billiard room
Spacious: The property has spacious
bedrooms and will set you back £957,000, 50 per cent less than it would
have done 18 months ago
Market: Russians are returning from foreign countries - like Spain and possibly Britain - where they had made investments
Epic: This mansion deep in the forest
near Novosibirsk is now off the market after selling for 'well below'
its quoted price of £5.4m
Ms
Iskovskikh makes another point, that today's buyers seeking to cash in
on the good value deals include 'people who are bringing capital back to
Russia'.
Putin has offered an amnesty with no questions asked to Russians who stashed away fortunes overseas and now bring them back.
'I
know it contradicts with what we read in press that money is leaving
Russia, but I am telling you about my own experience,' she said.
'There are businessmen who are bringing money back from offshore jurisdictions.
'This
includes bureaucrats who were businessmen before but - when they got
state jobs - could no longer own property abroad and have to return
money to Russia.'
She
also said that contrary to many reports, Russians are returning from
foreign countries - like Spain and possibly Britain - where they had
made investments, and are buying at home.
'The number of those who want to buy property abroad is going down,' she said.
'Before
the offers in Spain and other places were very competitive, people were
sitting at the table and saying that they were hesitating, whether to
buy something here or there, but I think now this game is over.
'People
got tired of differs in legislation and taxes, of constant fear that
one day we are friends with this country, next day we are not, it means
you may not enter the country one day. The trend is to come back home
now."
Despite the good deals, foreigners 'are not buying anything' in Russia.
She admitted: 'The fat years are over, no doubt.
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