Czech billionaire Daniel Kretinsky bought a Parisian townhouse from Russian billionaire Dmitry Rybolovlev and his ex-wife in 2020 that borders the Elysee Palace, the residence of the French president.
(Bloomberg) — Czech billionaire Daniel Kretinsky bought a Parisian townhouse from Russian billionaire Dmitry Rybolovlev and his ex-wife in 2020 that borders the Elysee Palace, the residence of the French president.
The house was bought by a Kretinsky holding called Paris Real Estate for €21.5 million ($22.7 million), company filings seen by Bloomberg show. The transaction happened in November 2020 and has not been previously reported.
Kretinsky, 47, made his fortune by buying power plants with his group EPH, and is on an investment spree to diversify his assets. He owns a stake in Royal Mail Plc, West Ham United FC, and retail groups including Casino Guichard-Perrachon SA and Fnac Darty SA in France.
The house was among the assets caught up in the dispute between Rybolovlev and his ex-wife Elena Rybolovleva, who each owned half of the estate, as filings from a now dissolved holding show. They bought the property for €18.2 million in 2008, just before starting divorce proceedings.
The divorce unfolded over six jurisdictions and resulted in a years-long court battle. In 2014, a Swiss judge awarded Rybolovleva $4.5 billion, though a subsequent ruling slashed the amount to just over $600 million.
Spokesmen for Kretinsky and Rybolovlev declined to comment, and Rybolovleva’s lawyer confirmed the transaction.
Set in a private street with a direct view of the palace, the townhouse spans 700 square meters. It once belonged to Empress Eugenie, married to Napoleon III, and had various aristocratic owners. In the 19th century, the house had a tunnel linking it to the Elysee Palace, according to a guide of Paris streets by Felix de Rochegude.
Rybolovlev, 56, is Russia’s 11th richest man according to Bloomberg’s Billionaire Index, and is not among the businessmen who have been sanctioned by the US, UK and European Union over the war in Ukraine. He made his fortune in the potash industry, selling two fertilizer producers for more than $7 billion in 2010 and 2011. He owns a majority stake in AS Monaco football club and has been a resident of Monaco for the past decade.
Last year, an investment vehicle backed by Kretinsky bought a castle located south-west of Paris for €43 million, and plans to turn it into a luxury hotel complex.
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