The ongoing saga of the sale of the most expensive villa in the world continues.

Back in August we reported that Prokhorov, the Russian billionaire, was the mysterious purchaser of the Villa Leopolda – on the French Cote D’Azur – at the price of 365 million Euros ($545 million) – which was a staggering price to pay for a single property.

Now the London Times reports that Prokhorov paid a $55 million deposit, but wants to back out of the deal (Prokhorov reportedly lost $7 billion in the economic crisis).

Prokhorov will likely face a legal battle over the deposit, which is non-refundable under French law, with the Villa’s seller Lily Safra.

“Lily is adamant that she’s not handing the deposit back,” a source close to the deal tells the London Daily Mail.

“Mr. Prokhorov, in turn, claims that property prices have collapsed since August, and the figures originally discussed were unreasonable. He wants out, and he wants his money back.”

In the meantime, Villa Leopolda is back on the market, the local real estate agents are brushing up on their Arabic language and looking for a Saudi Prince who might be interested instead.

Source: London Times / Daily Mail / Luxist / luxuryproperty