Economic troubles are far from over for some entrepreneurs like Iranian Tchenguiz siblings. Vincent Tchenguiz, the elder brother finally has hired estate agents Knight Frank to sell one of their prime properties located in South France. Villa Symphonie is up for sale for £25m. It does seem a good move because luxury estate market is growing and this might help them restructure, reorganize their assets and take care of their loans/losses.
Tchenguiz brothers troubles began after Kaupthing, the Icelandic bank collapsed and they were arrested because of the loans worth £1.7bn they had drawn from the bank. Though they were released and both brothers controlled the damage by selling their stakes in UK companies, but this move of selling their property may be just another act to sail over their financial crisis. Though their spokesperson has made it categorically clear that they were taking advantage of luxury estate swings and it was perfect timing because Russians are interested in buying villas.
Whatever may be cause or the reason, sale of luxury villa indeed good news for property dealers and luxury estate world. Vincent and Robert Tchenguiz will be able to acquire more assets in future once they survive the tough time. Also why else assets are acquired for? They are survival kit during times of crisis. No wonder economic turmoil has made luxury world come alive with unbelievable deals and acquisitions.