October 2, 2006
Roman Abramovich is congratulated on his purchase of a Cannes hotel for $1.1 billion euros
The whole coastal community from Monaco to Cannes is talking about oil titan Roman Abramovich’s purchase of the legendary Hotel du Cap Eden Rock, situated between Cannes and Cap d’Antibes. During the Cannes Film Festival all the A-List stars stay there: Demi Moore, Sharon Stone, Paris Hilton. The true value of the hotel is at most half a billion euros, while Abramovich paid over a billion. ‘He’s wreaked real havoc with prices’, the community complains thunderously.
(Bozhena Rynska, Izvestia, 02.10.2006)