A Russian oligarch who spent billions of dollars on his son’s wedding this year is now forced to sell his properties to pay off his debts. The oil tycoon Mikhail Gutseriev, 58, with an estimated estate of around 6 billion USD organized a royal-like wedding for his 28 years old son Said Gutseriev and his 20 years old bride Khadija Uzhakhova in March this year.
The bride had an expensive wedding gown which is believed to be an Eli Saab design flown in from Paris. She had a matching handbag, a diamond tiara and stunning diamond pendant around her neck. The ceremony was held in Safisa in Moscow with Jennifer Lopez, Sting, Elton John, Patricia Kaas, Beyonce, and Iglesias among the 600 wedding guests. The wedding celebration was a real life fairy tale.
Now the Russian media have written that the financial group “Safmar”, owned by the Gutseriev family intends to sell one-third of their hotel business in Moscow including the Hilton and Holiday Inn, with an estimated value of about 170 million USD. But this amount will not be able to cover the 370 million USD debt that the company is believed to have after taking out a loan from the VTB bank.