Abramovich awaits court verdict on land deal
Published time: 19 Dec, 2007 05:13 Edited time: 19 Dec, 2007 08:13
A company owned by Russian tycoon Roman Abramovich has managed to secure itself a profitable deal by buying a piece of land near Moscow at a record low price. However, before the company gets the chance to reap the rewards of the deal, a court will decide
The advantageous purchase was made at an auction where the rights for the land were sold.
The starting price per 100 square metres was as low as $US 25-30 for 49 years' rent. Usually a similar amount of land in the region sells for between $US 5-10,000.