In a move obviously designed to widen the rift between Russian President Vladimir Putin and his oligarch cronies — if such a rift exists — the French government has frozen 33 luxury properties in the country, owned by sanctioned rich Russians..Unlike property that is seized or confiscated, frozen properties still belong to their owners and they can continue living in them. But they cannot be sold or rented out..Estimates are the properties are worth more than 500,000,000 euros (US$538,973,000), taking the value of all Russian assets frozen or seized in France to 24 billion euros, the bulk of which is nearly 23 billion euros in frozen financial assets for the Russian central bank..In addition to financial assets and properties, French authorities have also frozen or seized three yachts and four transport ships and frozen six helicopters and three artworks from Chelsea football club owner, Roman Abramovich..Most of the properties are on the French Riviera and include the Villa La Croe, a luxury chateau overlooking the Mediterranean on the Cap d’Antibes, valued at US$120 million, belonging to Russian billionaire, Abramovich.. Screen-Shot-2022-04-18-at-1.39.18-PMVilla La Croe .Reportedly a close ally of Putin, Abramovich, who denies any close links to Putin, has been the target of many seizures. .On the day Russia invaded Ukraine, Reuters reported Abramovich transferred two companies he controlled to his business associates, in an apparent attempt to preempt any economic sanctions..France is just one of several countries that has targeted Abramovich. . Screen-Shot-2022-04-18-at-1.57.08-PMRoman Abramovich .The UK issued sanctions against him, as well as six other wealthy Russian billionaires, which forced him to sell his Chelsea football club. The US has frozen Abramovich’s bank accounts and just this week, the island of Jersey — an autonomous nation in the Channel Islands — froze US$7 billion worth of Abramovich’s assets. .His other properties frozen in France include an estate on St. Barts, apartments in Paris and villas in Nice, with Forbes estimating the value of the properties to be around US$340 million..The Villa La Croe has an interesting history..Architect Armand-Albert Rateau built the 12-bedroom mansion on the Cap d’Antibes peninsula in Southern France in 1927 for Pomeroy Burton, a British newspaper magnate..From 1938 to 1950, the seaside property was home to the Duke and Duchess of Windsor, after the Duke’s abdication as King Edward VIII. The couple hosted a 40th wedding anniversary party for Winston and Clementine Churchill at the chateau in 1948.. Screen-Shot-2022-04-18-at-1.39.44-PMThe Duke and Duchess of Windsor (formerly Edward VIII and Wallis Simpson) at their home, the Villa La Croe in Cap d’Antibes, Cannes in France, January 2, 1939. .The next owner was Greek shipping magnate, Aristotle Onassis, from 1950 to 1957, followed by his brother-in-law and business rival, Stavros Niarchos. But the property was abandoned and fell into disrepair after a fire in the 1970s..Abramovich, who founded Moscow’s Garage Museum of Contemporary Art in 2008 with his then wife, Dasha Zhukova, purchased the historic home in 2001. .He reportedly spent 100 million euros (US$109 million) on renovations, including a new rooftop swimming pool, gym, and home cinema..Myke Thomas is a Western Standard contributor
