Russian billionaire Oleg Deripaska has expanded his plots in Montenegro and bought 5 hectares in addition to 3.5. Overseas Assets Menagement, which is owned by Deripaska, purchased the plot with area of 48,747 square meters near Budva at auction in the Municipality of Kotor. It costs €4,179,567, or €85.74 per square meter, the ee24.com reports.
The auction was held on November 28, 2014. According to the contract, it is necessary to build a tourist site for three years, otherwise the owner has to pay the Municipality of Kotor 1% of the transaction value annually.
Deripaska has built a few villas in Montenegro from 2010. Now two elite objects yet are constructing on a land plot of 35,583 sq.m near the Jaz and Platamuni beaches in the village of Donjem Grblju, to the west of Budva in Kotor municipality.
Deripaska's villa in Montenegro, photo: cdm.me
Deripaska's villa near Budva