On 5 October, a special unit of police and customs officials raided several properties in Greater Munich and the idyllic town of Rottach-Egern, in the Bavarian Alps. The properties belong to a so-far officially unidentified Russian national who is "subject to sanctions and asset freezes by the European Union," German officials stated. According to a source who spoke to Reuters, Russian-Uzbek oligarch Alisher Usmanov was the target of the search, although a spokesperson for Usmanov denies any wrongdoing. In early 2022, following Russia's invasion of Ukraine, the billionaire was added to the UK and EU sanctions lists, the latter identifying him as, “one of Vladmir Putin’s favourite oligarchs.” Click or scroll through and let's take a closer look at the raid and tour Usmanov's properties, as well as the homes of other high-profile Russian billionaires...
Masked officials swarmed the home, which is perched on the shores of Lake Tegernsee, carrying out a court-ordered search of the property. While officials refused to identify the homeowner, they confirmed he or she is subject to EU sanctions and asset seizures linked to the Russia-Ukraine war, according to DW News. Some of the officers wore uniforms marked with the letters 'ZOLL,' which identify them as members of the armed police tactical unit that supports the German Customs Service.
Agents inspected then seized assets from the home, most notably a collection of luxury German-made cars, including several Maybach and Mercedes-Benz vehicles. The cars, which appeared to be in brand new condition, were loaded onto trucks and removed from the property. Raids were carried out on further Lake Tegernsee properties owned by the same Russian, as well as properties they own in Munich, which is the local capital. However, “due to tactical reasons related to the investigation, no further information can be provided,” German customs officials stated.
While Usmanov is said to be the target of the searches, his spokesperson stated that there was "no reason for suspicion" against the metals tycoon. "[He] has always duly declared the personal property that was lawfully acquired by him, in addition to disclosing the funds with which he acquired these assets," they told Reuters. They added that, as Usmanov was not the owner of the trust he founded, he had no right to control or manage its assets. "As such, he has no way of knowing what is currently happening to the property owned by the trust." The enormous villa (pictured, centre) sits on the very edge of Lake Tegernsee, however this isn't the first time the affluent community has been shaken by raids. In September 2022, around 250 officers swooped on 24 properties across Germany linked to Usmanov. Let's take a closer look at who Alisher Usmanov is and find out exactly what happened...
Dubbed 'The Hard Man of Russia," Uzbek-born Alisher Usmanov built up his impressive fortune by manufacturing plastic bags, which were in short supply in the Soviet Union. Nowadays, his money comes from the steel and mining company Metalloinvest, of which he is the main stakeholder. The billionaire has significant financial interests in the UK, including (now reportedly severed) commercial ties to Arsenal and Everton Football Clubs and his property portfolio – which, according to Forbes, includes homes in London and Surrey – and further afield, including Germany, Croatia, Switzerland, Monaco and Italy. In the early 1980s, Usmanov was convicted of fraud and embezzlement and spent six years in prison in Uzbekistan. Three decades later, his conviction was overturned.
Prior to the latest raids, German authorities searched three charming villas on Lake Tegernsee in September 2022. The properties are understood to be linked to Usmanov and purchased through three entities linked to the oligarch: Isle of Man-based Lake Point Property Holding, Lakeview Property Holding Limited and Tegernsee (IOM) Limited, as reported by Forbes. On Wednesday 21 September 2022, the three villas were raided by German police on suspicion of money laundering and violations of EU sanctions.
A unit of more than 250 police officers searched homes across Germany with suspected links to Usmanov, including this beautiful Lake Tegernsee chalet and properties in the southern German state of Baden-Württemberg, as well as Hamburg and Schleswig-Holstein in northern Germany, with the aim of acquiring evidence of alleged tax evasion, according to German news magazine, Der Spiegel.
Having reportedly made the Tegernsee region his primary residence for the past eight years, Usmanov was estimated to owe the state approximately €555 million ($624m/£476m) in outstanding income and gift tax payments. However, Usmanov fled Germany when Russia invaded Ukraine in February 2022, and is currently believed to be living in his native Uzbekistan.
However, a spokesperson for Usmanov told Forbes that the oligarch is innocent of any wrongdoing: “Most of the property [mentioned]...has been transferred into irrevocable trusts. Mr. Usmanov does not own them,” he claimed. “The process of moving property into family trusts started many years ago and had nothing to do either with evading sanctions or with hiding wealth." In fact, in May 2023, a German court later ruled that the searches carried out on the homes were unlawful.
Back in March 2022, German authorities seized the oligarch's 500-foot yacht, Dilbar (pictured), as a result of EU sanctions. Worth $600 million (£493m), it's said to be the largest yacht in the world by gross tonnage and houses the largest swimming pool ever installed on a yacht. Dilbar has two helipads, 12 guest suites, a sauna and gym and can carry a crew of at least 80. While some oligarchs moved their yachts to countries such as Montenegro and the Maldives to escape sanctions, according to CNBC, Dilbar was an easy target for German authorities as it had been undergoing a refit in the port of Hamburg when Russia invaded Ukraine.
Usmanov was hit with multiple sanctions in the US, EU and UK and beyond in the wake of Russia’s invasion of Ukraine, and while the following estates belong to the Russian, these assets are currently frozen. However, in April 2023, an Italian court referred a decision on whether to unfreeze the oligarch's assets to the EU Court of Justice. In the UK, Alisher Usmanov owns this 19th-century estate in leafy Hampstead in London. The estate stretches across 11 acres and has a long list of high-profile former owners, including King Khalid of Saudi Arabia and Qatar’s Sheikh Hamad bin Khalifa Al Thani.
The residences of Russia's most extravagant billionaires have been cast into the spotlight since February 2022 as members of the country’s wealthy elite were sanctioned in response to the Russian invasion of Ukraine. Forbes reports that 30 sanctioned oligarchs own around 156 properties adding up to around $5.6 billion (£4.6bn) – and some of these lavish oligarchs' homes have even been raided by authorities searching for evidence of criminal activity. Click or scroll on to take a glimpse inside these controversial Russian-owned residences...
The late Wagner Group leader, Yevgeny Prigozhin, who was often referred to as 'Putin's chef', gained notoriety as a close ally of the Russian president. Somewhat surprisingly, Prigozhin's rise to prominence began in the world of catering, providing hospitality services to the Kremlin. This led to other, more nefarious ventures, including becoming the figurehead of the now-dissolved Wagner Group, which made global news headlines in June 2023 when they embarked on a chaotic uprising against the Kremlin and even attempted a march on Moscow. Prigozhin died in a mysterious plane crash on 23 August, just two months after his attempted coup.
The Wagner Group started as a private military contractor known for its involvement in conflicts abroad, including the Russian invasion of Ukraine. In the wake of the failed coup, which had been sparked by the Russian government allegedly attacking Wagner Group soldiers, the Russian Federal Security Service (FSB) reportedly raided Prigozhin's lavish St Petersburg mansion on 24 June 2023 and the extraordinary footage was published by pro-Kremlin media outlet Izvestia. It's clear from the estate's sprawling, manicured grounds that Prigozhin was living the high life.
The home's interior is equally as grand, judging from this image of one of the palatial living rooms. From the marble chequerboard floor to the ornate silk couches, Persian rug, gilded glass cabinets and priceless antiques, Prigozhin's home is a lavish display of the spoils of his clandestine work. The Wagner Group's services evidently came at quite some cost to their war-hungry clients. In fact, some sources measure Prigozhin's net worth at a staggering $1 billion (£820m).
The FSB allegedly discovered assault weapons and ammunition, as well as a number of solid gold bars and thick wads of US dollars and passports. Yet something even more incredulous was lurking elsewhere in the mansion. One of the wardrobes concealed Prigozhin's extensive wig and beard collection, thought to have been used as disguises during his militia work. Other souvenirs from Prigozhin's nefarious career include an oversized novelty sledgehammer in the home's study that reads "For use in important negotiations" in Russian, as well as distressing photographs said to depict the Wagner leader's deceased enemies.
It goes without saying that the mansion is overflowing with opulent amenities befitting of its scale, including an indoor swimming pool with slides and a Jacuzzi. According to the video footage, the home also has a private helipad on the grounds, as well as a sophisticated medical room kitted out with state-of-the-art equipment. According to the investigative website Proekt, Prigozhin was allegedly been undergoing treatment for stomach cancer, but it was thought to be in remission at the time of his death. The Wagner Group leader is far from the only oligarch to have fallen out of favour with Putin...
Mikhail Fridman has made his billions through controlling the likes of investment company LetterOne and founding the largest non-state-controlled bank in Russia, Alfa Group. Along with other wealthy Russians in the West, Fridman has been sanctioned in relation to the invasion of Ukraine. According to The I newspaper, the multi-billionaire made a plea to the UK Government for access to his funds out of fear that he would no longer be able to "live normally in London". But his sprawling London estate is much more extravagant than your average house…
This Victorian-era, Gothic estate, known as Althone House, is nestled in a monied neighbourhood in North London. Fridman purchased the mansion for around $79.3 million (£65m) in 2016 and spent $48.8 million (£40m) transforming the dilapidated house into an oligarch’s dream home, according to The Times, with an underground swimming pool, yoga room and observatory. Included in its five acres of land are a fruit terrace and lily ponds.
In December 2022, the National Crime Agency's new 'Combatting Kleptocracy Cell' carried out a raid on Althone House and detained the oligarch on suspicion of multiple offences, including conspiring to circumvent sanctions, money laundering, perjury and conspiracy to defraud the UK Home Office. As Fridman revealed to The Times, he was woken by “screaming, sirens wailing and dozens of... masked policemen storming into my house.” Officers arrived with ladders and a battering ram and shouted to security guards to open the electric gates. However, as the guards testified, the officers were standing in front of the sensors, preventing the gates from opening. They then attempted to climb the walls before security guards managed to open the gates.
In September, the case against Fridman collapsed after the National Crime Agency (NCA) admitted its raid on the mansion (pictured here circa 1880) was unlawful, The Times reported. It was revealed that a judge had put the wrong year on the search warrant, writing 2021 instead of 2022, and the document wasn't signed by an identifiable NCA officer. It also failed to specify the area to be searched. Additionally, supporting evidence was allegedly cut and pasted from an unverified internet source. The NCA must now pay damages for trespassing onto Fridman's property, cover his legal bills and return cash seized in the operation. Fridman is however still under UK, EU and US sanctions due to his connection to Alfa Bank. According to Forbes, Fridman also owns a second home in London – a three-storey stuccoed home also situated in North London that he bought in 2002.
Vladimir Putin's former confidant, the late Russian oligarch Boris Berezovsky was once at the heart of the Russian Federation before he fell into the Kremlin's bad books. During the height of his wealth, the one-time billionaire financier splurged his money on a number of luxury properties across Europe before his untimely death in 2013, which some still regard as suspicious. One such property is a magnificent château in the heart of the French Riviera that's proved somewhat problematic to shift since Berezovsky's passing.
Berezovsky reportedly purchased this opulent estate on Cap d'Antibes in the 1990s. Known as Château de la Garoupe, the 14,000-square-foot mansion is surrounded by more than 24 acres of manicured grounds and dense woodlands. The property offers a tennis court, swimming pool, Jacuzzi, billiard room and six guest suites. Following Berezovsky's death, the French state confiscated the house in 2015 amid a money-laundering suit. The oligarch's wealth had floundered in later years when he opposed Putin's 2000 election, and at the time of his death, he may have owed a staggering $375 million (£309m) in debts, according to court records. His creditors, including fellow oligarch Roman Abramovich, appealed to the courts to lift the confiscation order on the mansion in order to recoup their money, but their bid was unsuccessful.
After years of legal wrangling, the château is now being sold by Agrasc, the French agency for seized and confiscated goods. The property was due to go to auction in September 2023, with final offers due by 6 October. However, it's unclear whether it did so. According to Bloomberg, the mansion was valued at some €93.6 million back in 2011 during court proceedings, which would be around €112 million ($123m/£95m) in today's money, so it's expected to fetch a hefty sum. Paris-based notary Cheauvreux and realtor Bluebird Immobilier are handling the auction, however, sale documents indicate that both parties have signed a nondisclosure agreement, so details of the sale are not being widely promoted.
France wasn't the only place Berezovsky called home in Europe. Back in 2001, he reportedly snapped up this elaborate mansion in verdant Egham in Surrey. The purchase came a year after Berezovsky fled to the UK after his continued criticism of the Kremlin endangered his life in Russia. He's said to have put down $24.8 million (£20.5m) for the home on the Wentworth Park Estate. Not a shabby spot to be exiled!
This image of Berezovsky was taken in the study of the Surrey mansion back in August 2002. However, the oligarch also spent time at his ex-wife's similarly lavish property in Ascot, Berkshire – and it was here that he met his untimely end. In March 2023, Berezovsky was found dead in the mansion's bathroom, where he was initially thought to have taken his own life. While British police found no evidence of foul play, a coroner's inquest a year later recorded an open verdict, concluding that the events leading up to his death were unclear. At the time, Berezovsky's daughter alleged that the Russian government may have been responsible.
Pictured here with President Vladimir Putin, Igor Shuvalov used to be the deputy prime minister of Russia. He is now chairman of Russian bank VEB. The European Union, the UK and the US are among those who sanctioned Shuvalov in March 2022 because of his ties to the Russian president, and he has links to several lavish properties in the UK.
According to The Guardian, Shuvalov was named as the owner of two luxury apartments in London by anti-corruption campaigner Alexei Navalny. The building is a lavish, late-Victorian apartment block between the River Thames and government HQs, including the Ministry of Defence. During the First World War, the building housed the UK’s Secret Intelligence Service.
Pictured here in Moscow, Russia, the former deputy prime minister’s apartments have reportedly been converted into one luxury 5,381-square-foot apartment. Shuvalov allegedly claims to rent the properties rather than own them himself, and they were purchased in 2014 for around $13.8 million (£11.4m), as reported by The Guardian.
Pictured here walking behind President Putin, Suleiman Kerimov was sanctioned by the West in March 2022 and received further sanctions from the US in November of the same year, but it wasn’t the gold magnate’s first run-in with the authorities. According to Forbes, he owns four villas set in the luscious Cap d’Antibes on the French Riviera, but the sale of one of the properties drummed up a lot of unwelcome attention in 2020 when it became the centre of a tax scandal. He was eventually acquitted and his legal counsel released a statement, reported through the Associated Press, that: "he has never been convicted by any court whatsoever, in France or abroad."
In 2008, the French property in question was declared to have been sold for $51 million (£41.8m) – a hefty $139 million (£114m) short of the actual purchase price. 12 years later the Swiss company used to buy the property was slapped with a $1.6 million (£1.3m) fine.
The abode had been in the spotlight before, but for less controversial reasons, when it was used for filming the 1988 Michael Caine and Steve Martin film Dirty Rotten Scoundrels. The Mediterranean mansion comes with a whole host of Hollywood-worthy features, including a tennis court, an oval outdoor pool and a spacious greenhouse.
Aluminium tycoon Oleg Deripaska was first sanctioned in the US in 2018, and most recently has been sanctioned by the UK, USA, EU, Canada, Switzerland and Australia in relation to the ongoing invasion of Ukraine. In 2008, Deripaska was the richest person in Russia, and one outlet for all that cash is his extensive global property portfolio, which, according to Forbes, stretches from London to New York, Saint-Tropez to Italy. However, one of Deripaska’s associated properties received more attention than the rest in March 2022, as his mansion in Belgravia, London, was occupied by activists protesting against the situation in Ukraine, according to The Guardian.
A spokesperson for the billionaire then told Sky News the property was owned by other members of the Deripaska family rather than the business tycoon himself. The flat sits in one of London’s most stylish postcodes and comes with seven bedrooms, a home cinema and a Turkish steam bath. The property was on the market for $30.3 million (£25m) in 2002, which the Mirror reported made it the most expensive terraced house in the world at the time.
Across the Atlantic, Oleg Deripaska also owns several properties. In 2008 he purchased this five-storey house in New York’s Upper East Side for $42.5 million (£34.9m), which was covered extensively by Forbes.
Another one of Deripaska’s American homes is this charming townhouse in Manhattan, which was raided in October 2021. Curbed reports that the home is a former speakeasy called Pirate’s Den and it is thought to be haunted. The spooky three-storey property was purchased for a reported $4.5 million (£3.7m) in 2006, and it has clearly been a worthy investment, as it is now worth an estimated $11 million (£9m), according to Trulia.
Now the president of Monaco Football Club, Dmitry Rybolovlev’s $6.4 billion (£5.2bn) fortune stems from his work with potassium fertilisers, and he’s been in the headlines in the last decade for suing Sotheby’s auction house and for a long-winded – and expensive – divorce battle. While he managed to dodge the bulk of overseas sanctions, he was sanctioned by Ukraine in October 2022.
This beautiful Regency-style estate in Palm Beach, Florida, has received more attention than any of Rybolovlev’s other properties. Purchased from Donald Trump in 2008, the abode set the Russian billionaire back an astonishing $95 million (£77.9m). At the time of the sale, Trump had been secretive about the buyer being Russian, but it was later revealed by the New York Times that the buyer was County Road Property, a company owned by Rybolovev. The mansion was said to have an extreme mould problem. The billionaire then disavowed any interest in the estate and it was later demolished and divided into three separate lots.
Other properties owned by Rybolovlev include a sprawling penthouse in Monaco, plus lavish homes across the United States and, according to France 24, a suave chalet in this stunning Swiss resort called Gstaad.
Lesser-known billionaire Andrey Goncharenko is rarely seen in public, but his stunning properties certainly draw attention. A stone's throw away from the US ambassador's residence in London's leafy Regent's Park, this sprawling London lodge was snapped up in 2012 by the Gazprom billionaire, who according to the Mirror, paid a hefty $145 million (£120m) for the property. At the time, it was the UK's most expensive house – and then some. Designed by renowned architect John Nash, the lodge was built in the 1820s and extended in the early 1900s by another esteemed architect, Edwin Lutyens.
Shown here in an 1826 illustration, Goncharenko bought the property from Conservative peer Lord Bagri, who was responsible for the sumptuous restoration of the lodge's gilded plasterwork. Nevertheless, Goncharenko was clearly underwhelmed by the restoration and has since ripped out many of the features. The Russian tycoon has also replaced the subterranean swimming pool, which converts into a ballroom at the flick of a switch. The new basement pool area includes a sauna, steam room and home cinema. Wonderfully luxurious, the lodge's bathrooms are dripping in opulence and wow with wall-to-ceiling marble and glitzy gold-plated taps. Even the heated towel rail is made from gold.
Goncharenko’s real estate portfolio spans the most fashionable parts of London, including an area dubbed 'Red Square' due to the number of Russian billionaire residents, according to Business Insider, Goncharenko snapped up this Belgravia home for $18.2 million (£15m) in 2014. The gorgeous Grade II-listed property covers 15,000 square feet and is laid out across five storeys. The billionaire didn’t spend that much time in the property evidently, and The Guardian reported that squatters occupied the empty house in 2017 and briefly used it as a homeless shelter before they were evicted.
Banking billionaire Alexei Kuzmichev was another partner in the lucrative creation of Alfa Group and LetterOne, and a fraction of his multibillion-dollar fortune has gone on high-end property. He bagged two huge quadruplex townhouses in a block in New York's Upper East Side back in early 2016.
While he has sold off one townhouse, this brownstone property designed by the illustrious architect Grosvenor Atterbury in 1901 rocks a huge extension consisting of four additional storeys.
Two of the new floors feature the sort of roof terraces most Manhattanites could only dream of chilling out on, with fabulous views, a stylish seating area and a hot tub.
Moving inside, the tasteful décor tones down the bling with a clean and fresh contemporary palette. The main living room, for example, isn't understated, but it's a whole lot more minimalist than traditional Russian tastes. Despite this, the room doesn't go without a few flourishes of gold – naturally.
Likewise, the dining room has gold-hued chairs and other glitzy details offset by stark white walls and a neutral rug. On-trend with many Russian oligarchs with property in the Big Apple, the New York Post reported that Kuzmichev listed the property for $41 million (£33.6m) in March 2022 following US sanctions.
Roman Abramovich might be the most notable Russian oligarch with property in London, and his Kensington mansion is an impressive sight. The former Chelsea Football Club owner bought the house in 2009 for $109 million (£90m), and it is just one of his UK-based assets which, according to gov.uk, have been frozen. However, in July 2023, Abramovich challenged sanctions imposed by the EU at the General Court of the Court of Justice of the European Union.
The 15-bedroom property is just a stone’s throw away from the royal residence of the Duke and Duchess of Cambridge. In fact, the property sits on land owned by the Crown Estate, which means that the Royal Family receives thousands of pounds each year for its lease. Intriguingly, while Abramovich lost the use of his Kensington home, ten offshire trusts holding assets worth billions of dollars were allegedly changed to benefit his seven children, just before the oligarch was hit with sanctions, according to The Guardian. He also reportedly 'hid' his $1 billion (£824.6m) art collection.
Kensington is home to ‘Billionaires' Row’, and it is also home to the Russian Embassy (pictured). According to the Daily Mail, Roman Abramovich is also believed to own a flat in Chelsea that overlooks the River Thames, which he purchased for an alleged $36 million (£30m) in 2018. It’s unknown how much longer Abramovich will own his swanky inner-city properties. The Daily Mail reported Abramovich started selling off his UK portfolio in 2022.
In April 2022, Business Insider reported that French authorities seized Roman Abramovich's villa in the south of France as part of a crackdown on Russian oligarchs. His lavish villa is situated on the Cap d'Antibes, which is one of the most prestigious parts of the French Riviera and is said to be worth around €108 million ($114m/£94m). The sprawling estate once belonged to the Duke and Duchess of Windsor. Police in Jersey also carried out raids of his properties on the British Crown Dependency island in April 2022, searches that were later ruled to be illegal. According to The Sun, Abramovich is now residing in Istanbul and renting a plush mansion for the eye-watering sum of $48,484 (£40k) a month.
Finally, we come to the Russian President himself. Vladimir Putin allegedly had his own Italianate palace complex built for him on the Black Sea coast. The covert property hit headlines when Russian Wikileaks published photos of the home in January 2011, followed by more images brought to light by navalny.com in 2021, the organisation run by jailed anti-corruption activist Alexei Navalny. Putin could certainly afford such a sumptuous place, if the rumours surrounding his actual net worth are to be believed. Despite pulling in a relatively modest annual income of 10.2 million rubles in 2021 – which is $106.9k/£88k, Russia's president is reputed to be worth up to $200 billion (£164bn) which would make him the second-richest person on the planet. And there's even a chance he could be the wealthiest, according to Fortune magazine.
Yet billionaire oligarch Alexander Ponomarenko has claimed to be the long-time owner of the Black Sea property, and another billionaire oligarch, Arkady Rotenberg, is said to currently hold the deeds. Both men are close to Putin, especially Rotenberg, who is a childhood friend of the president and was once his judo sparring partner. Rotenberg has also been sanctioned by the UK, US, and Switzerland, among other countries, and also has, according to Exberliner, an "empty villa" in Schmargendorf, southwest Berlin, which was discovered by Der Spiegel magazine.
Designed by Italy's Lanfranco Cirillo, the go-to architect for Russia's elite, the Italianate-style palace spans a whopping 190,000 square feet, making it more than three times bigger than the White House. While it's said to have just 11 bedrooms, the property has scores of rooms besides. Let's take a look inside.
As you can see from this image of the main hall, no expense was spared on the property. Beautiful hand-painted frescos adorn the walls and ceilings, which are clad in marble with copious gold detailing. Spectacular chandeliers grace almost every room in the palace.
The bedrooms are just as opulent, with four-poster beds and plenty of antique French and Italian furniture. Gilded ceilings and silk-panelled walls complete the ostentatious scheme. There's no doubt about it, this is luxe living at its finest. The palace was reportedly being refurbished between 2005 and 2020 as it had suffered from a severe mould problem, according to a report by the BBC. In 2023, a Business Insider investigation also alleged that the Russian leader has an underground bunker built into the rock face beneath the mansion. However, while Putin faces sanctions, the New York Times described his assets as an "enigma".
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