Double Whammy: Russia to sell Zelenskyy’s holiday penthouse on Black Sea to finance Ukraine invasion
Olena Zelenska bought three-room penthouse apartment in 2013 for a whopping $163,893 in the coastal town of Livadia. The purchase was made just a year before Russia annexed Crimea. Zelenska paid the equivalent of about $1,263 per square meter
Ukraine's holiday home in Crimea. Image source: Twitter
As fighting in Ukraine rages on and the Russian military launches new offensives, the Kremlin has announced that it has nationalised President Volodymyr Zelenskyy’s holiday home in Crimea’s Black Sea coast and plans to put it on sale to fund the invasion.
On Thursday, the de-facto leader of Crimea said in a recorded video that the local authority in the region has decided to nationalise 57 properties. This includes Zelenskyy’s holiday home which is registered under his wife Olena Zelenska’s name.
Russian politician Sergey Aksyonov said, “Crimea will regain rights for a number of properties including a building in Simferopol that belongs to the banned Crimean Tatar parliament as well as Olena Zelenska’s flat.”
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“Enemies of Russia won’t be making money in Russian Crimea,” he added.
About the holiday home
Olena Zelenska bought a three-room penthouse apartment in 2013 for a whopping $163,893 in the coastal town of Livadia.
The purchase was made just a year before Russia annexed Crimea. Zelenska paid the equivalent of about $1,263 per square meter.
“🤑LUXURY DEVELOPMENT: No better development than learning that the value of cushy, posh penthouse near $1 million mansion in Zelensky’s wife’s name is going to a good cause – Russian authorities have confiscated the apartment today, bought by the Ukrainian Prez’s wife in 2013…” pic.twitter.com/Zs2irgKIec
— JKash the Orange MAGA Queen🍊 (@JKash000) May 24, 2023
According to Reuters, a real estate agent based in Crimea said that Zelenska’s apartment complex is comparable to those in the Emperor complex usually sold in 2013 for between $2,500 and $3,000 per square meter but could go for up to $5,000.
The house, however, was never used owing to renovations and subsequent annexations.
Russian state media has estimated the property to be worth $800,000.
The speaker of Crimea, Vladimir Konstantinov said, “It (the home) will be put up for sale, and money will, first of all, go towards the needs of the special military operation, families of the killed soldiers and families of the mobilised men.”
Property prices in Crimea dip
Crimea, following its annexation in 2014, became a lucrative spot for Russians who dreamt of owning a house by the beach.
However, after Russia invaded Ukraine, property prices dipped and so did the demand for properties in Crimea.
It still remains unclear when the region would regain its former glory while many investors try to withdraw their money from Crimea.
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