Slump-hit billionaires sell belongings

With the global economic downturn making holes in pockets of billionaires, the richie-rich of the world are out to dispose their costly belongings, including castles, yachts, private jets and even a soccer team.     

In its annual ranking of world’s richest billionaires, business magazine Forbes found that the number of billionaires has fallen to 793 from 1,125 last year, while the total billionaire wealth has taken a hit of about $2 trillion.

According to another report from Forbes, many of the “billionaire toys” are up for sale and the available multi- million-dollar items include a castle, a luxury hotel, private jets, a soccer team and large-size yachts.

“A year ago, Sergei Polonsky had everything. At 35, he debuted on our World’s Billionaires list as one of the youngest members... One Russian market collapse later, Polonsky is scrambling to raise funds,” Forbes said.

The report quoted Polonsky as blogging this January that he has “decided to sell hotel Sungate Port Royal, yachts and the house on the Cate d’Azur and put all the proceeds into further construction of our projects”.     

Besides, there are many yachts and seaside villas available in the market, as “a number of billionaires, former billionaires and their ex-spouses are now trying to unload some pieces of their billionaire lifestyle”.

About Australian James Packer, the report said that he inherited a media fortune from his late father and moved into casinos, “but that may not have been a great bet. His chip pile is down $3.2 billion in the past 12 months, and he’s now apparently scaling back.”     

“The new father is reportedly selling a London triplex. Also on the market is his top-of-the-line Mangusta 165 yacht called the Z-Ellerston. Packer is looking for a new owner only a year after taking control of the 164-footer. The asking price is $34 million,” it noted.     
However, it has become a “buyer’s market”, making it difficult for these sellers.

The total wealth of billionaires from across the world, as per Forbes, has declined to $2.4 trillion, from $4.4 trillion a year ago.

The number of Indian billionaires, both resident and non-resident, has also more than halved to 25 from 53 in March 2008.