As we wrote about back in February, Russia’s richest man Mikhail Prokhorov had reportedly agreed to purchase the Villa for $750 million but later backed out of the deal, forfeiting a $55 million deposit.

The Telegraph says there have been panic sales by owners desperate for cash.

Riviera property sources said that one British owner settled for less than $60 million in January for a Cap Ferrat property whose original sale price was $200 million.

However, “There is still interest and offers are being made” said Alexander Kraft of Sotheby’s International Realty, quoted by The Telegraph.

“Exceptional properties like Leopolda, which is one of the world’s most beautiful homes, will always sell for a premium. But those who bought at the top of the market aren’t prepared to take a 50 per cent hit.”