Czech Billionaire Purchases Russian Oligarch's Paris Home for €21.5 Million

In 2020, Czech Billionaire Daniel Kretinsky Bought a Parisian Townhouse from Russian Billionaire Dmitry Rybolovlev and His Ex-wife. The Townhouse Is Located Near the Elysee Palace, the Tesidence of the French President.

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A Kretinsky holding called Paris Real Estate bought the house for €21.5 million ($22.7 million) in November 2020, according to company filings seen by Bloomberg. This is the first time this transaction has been reported.

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Kretinsky, 47, has made his fortune by buying power plants with his group EPH, and is now 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. They bought the property for €18.2 million in 2008, just before starting divorce proceedings.

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The divorce spanned six different jurisdictions and resulted in a lengthy court battle. In 2014, a Swiss judge awarded Rybolovleva $4.5 billion, though a subsequent ruling reduced the amount to just over $600 million.

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The spokesmen for Kretinsky and Rybolovlev declined to comment on the transaction. Rybolovleva's lawyer confirmed the sale.

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The townhouse is located on a private street with a direct view of the palace. It spans 700 square meters and once belonged to Empress Eugenie, who was married to Napoleon III. The house has had various aristocratic owners over the years. According to a guide of Paris streets by Felix de Rochegude, the townhouse was linked to the Elysee Palace via a tunnel in the 19th century.

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Rybolovlev is Russia's 11th richest man according to Bloomberg's Billionaire Index. 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. Rybolovlev has not been sanctioned by the US, UK and European Union over the war in Ukraine.

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Last year, an investment vehicle backed by Kretinsky bought a castle located south-west of Paris for €43 million. The investment vehicle plans to turn the castle into a luxury hotel complex.