November 17, 2019
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    L'Oreal heiress Liliane Bettencourt sells island paradise for £60m

    July 01, 2014

    Liliane Bettencourt, the L'Oreal heiress and France's richest woman, has sold her island paradise in the Seychelles for three times more than she paid for it.

    Mrs Bettencourt, who is at the centre of a corruption investigation that has involving Nicolas Sarkozy, the former French president, sold the islands to a Seychelles-registered conservation business linked to the Swiss Save our Seas foundation, which intends to turn it into a nature reserve, for £60 million – a profit of £42 million from when she first bought it.

     

    Mrs Bettencourt is said to have handed over envelopes stuffed with cash to the former President of France.

     

    In turn, the 89-year-old is said to have received massive tax breaks when Mr Sarkozy came to power in 2007. Mrs Bettencourt has some £80 million worth of money in 12 bank accounts in Switzerland and Singapore.

     

    D’Arros Island, together with a number of neighbouring private islets, was also in her portfolio, with Mrs Bettencourt admitting that no tax had been paid on their £18 million purchase price.(TelegraphUk)(KH/SI)

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