Wednesday, November 16, 2011

Luxury goods boss pays $50 million for house

Don't let this one get around down at Occupy Toronto. It appears that a luxury goods billionaire has shelled out £20 million for a two-bedroom house in the heart of London. He is founder of luxury goods group PPR, Francois Pinault. The French billionaire, whose family-controlled PPR owns brands such as Gucci and Stella McCartney, has paid around €23 million (about C$50 million) for a house in the upmarket neighbourhood of Chelsea. Despite paying the huge amount, Pinault is still reportedly planning to renovate parts of the house, which was so far owned by a professor who is said to have profited handsomely from the sale. Professor Bernard Nevill reportedly bought the house for just around £80,000 in 1970. Pinault, whose son Francois-Henri Pinault currently runs the Paris-based family business, also owns two art galleries in Venice and is well-known for his vast art collection. He has a fortune of around $11.5 billion (€8.5 billion), according to Forbes. Telegraph, London

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