Luxury French properties hit the deck
While on the whole French property prices have recovered from any glitch as a result of the global economic downturn not all French property owners have been so lucky.
The Cote d'Azur is home to millionaires from the world of show business, business moguls, property tycoons, world class financiers and high flyers from a range of other industries across the globe and while many have weathered the financial storm some have not been so lucky.
One such troubled tenant is Irish financier Derek Quinlan owner of a luxurious mansion on Cap Ferrat, once valued at £88million, the property situated in extensive parklands is mortgaged to the value of £57million and the lender Barclays are calling in the loan. Those in the know understand that offers around £65 million would be accepted other rumours suggest the property could be offloaded for a 'paltry' £35million.