A lump sum of €40 million (£36 million) will buy a sumptuous mansion on the French Riviera. Russia’s richest man lost that amount — and a lot of face — yesterday when a court refused to return his deposit on the grandest villa of them all.

Mikhail Prokhorov, 44, a playboy-magnate worth nearly £6 billion, was told that he could not reclaim the funds that he put down on the Villa Leopolda, a clifftop property that he promised to buy in 2008. He backed out of the record sale, for €390 million, early last year after the recession struck the minerals and metals business on which his fortune is based.

Read about it in The Times