Andrei Vavilov Calls $53.5M Plaza Hotel Penthouse "Attic-Like," Sues

Reuters:

NEW YORK (Reuters) - The buyer of a $53.5 million penthouse apartment in New York's famed Plaza Hotel says the apartment turned out to be an "attic-like space" with low ceilings and obstructed views, and he is suing for a refund plus damages.

The apartment's anonymous buyer, who made the purchase based on a video, is suing the hotel, developers El-Ad Properties and brokers Stribling & Associates for breach of contract, fraud, deceptive trade practices and negligence.

The buyer, who local media have identified as Russian financier Andrei Vavilov, is asking for the return of his $10.7 million deposit and for an additional $30 million in damages.

Read the whole story: Reuters

Comments

[ibsteve2u]

Hmmm...a financier.­..who is Russian...­wanting his investment in America back...wit­h a rather bizarre justificat­ion...just when Russian and American relations have gone suddenly cold...won­der is the "attic-like" atmosphere is his real reason?

The last person who would make an investment - or even buy a toy - somewhere he anticipated not being able to use it is someone who made himself extraordinarily wealthy through financial dealings.

Wonder if Andrei Vavilov knows something we don't know about pending changes in U.S.-Russi­an relations? Financiers are awful good at worming their way into the inner circles of government­s...especi­ally if that has proven a good way to further enrich themselves and their brethren.

Or maybe Andrei Vavilov "only" anticipates that the value of things American are about to greatly depreciate?

lolll...li­fe under the rule (no, leadership is absolutely the wrong word) of the Republicans is a never-ending game of "pick your poison"...­.

[smallfish]

30 million for damages???? did someone make you buy the place without checking it out first?
jeeez...ri­ch people are arrogant.

[KillTheMessenger]

If he doesn't want it any more, I will buy it from him for $1 and an imaginary bridge in Brooklyn.

[ibsteve2u]

Seeing as how he's Russian, he'd probably be more interested in gaining control of that "bridge to nowhere" - its a lot closer to home for him.

Although Palin's expertise in foreign affairs - particularly in things Russian - might lead you to believe that she'd scare him away, I'm sure the overall Republican record of decreasing the value of things American would alert him to the potential for a bargain.

[Merckx]

I know just how this guy feels. Just last week I ordered a burger with fries through a drive-thru window.
When I got down the road, I Iooked in the bag and no fries. You can imagine I felt just like this Russian dude. You just can't get service anymore.

[ReasonIsMyReligion]

Caveat emptorski.

[nogimmicks]

Many things about buildings in Manhattan turn out to be a scam upon close inspection.

[gcallaghan]

Hey, dudesky, welcome to earth.

[lacitepq]

Well dumbsh*t you should have actually come to see it before you plunked down $53m. Who pays that kind of money for something they saw on a video? Caveat emptor buddy, its yours

[DXM]

"The apartment's anonymous buyer, who made the purchase based on a video"

Having shopped for and bought a condo and a couple of houses during my adult lifetime (and no, I only owned one property at a time... my last name is not McCain!), I know that there is a big difference in the feel of a property in pictures (or video) and in real life. One of the most fundamental rules in real estate is to see it for yourself. This buyer is an idiot for not checking out this property in person before putting up $53.5 million for it. He doesn't deserve a dime in compensation and (if the Plaza Hotel's real estate lawyers are any good at all when the drew up the sales contract), this buyer won't get it either.

[FatherWolf]

This guy bought something for $53M without even sending a lackey to take a look at it?

He must be richer and stupider than anything my poor middle-class brain can imagine.

Or he's having some financial problem and needs to back out of the deal.

[KillTheMessenger]

All money, no brains. The new financial aristocracy. Thinking about it... it's no different than the old (financial) aristocracy.