Crypto Tycoon Buys Yves Bouvier’s Maximum Security Freeport in Singapore – ARTnews.com

Please fol­low and like us:
Pin Share

Chi­nese cryp­to bil­lion­aire Jihan Wu bought “Le Freeport,” art deal­er Yves Bou­vi­er’s max­i­mum secu­ri­ty freeport in Sin­ga­pore, Bloomberg reports. 

Wu bought Le Freeport for $28.4 mil­lion, mark­ing a loss for Bou­vi­er, who spent $70 mil­lion con­struct­ing the facil­i­ty in 2010. In the end, Bou­vi­er made around $3,544,842 from the sale, as three quar­ters of final price went to pay­ing off cred­i­tors. The remain­ing funds were split between Bou­vi­er, who held 70 per­cent of Le Freeport, and his fel­low shareholders. 

Bou­vi­er has been haunt­ed by a years-long legal bat­tle with Russ­ian oli­garch and ART­news Top 200 Col­lec­tor Dmit­ry Rybolovlev, who alleges that Bou­vi­er had scammed Rybolovlev out of $1 bil­lion over the years after sell­ing him 39 works at a high­ly inflat­ed price. Includ­ed in the 39 works that Rybolovlev bought through Bou­vi­er was Sal­va­tor Mun­di by Leonar­do da Vin­ci. Apart from the drain of the legal pro­ceed­ings, the Art News­pa­per found that a pre­vi­ous deal to sell Le Freeport for a price of $60 mil­lion in 2019 fell through, pos­si­bly because of the bad press sur­round­ing Bouvier. 

Wu is a major play­er in the world of cryp­to, hav­ing cofound­ed the world’s largest Bit­coin min­ing oper­a­tion, Bit­main Tech­nolo­gies Ltd. Though Wu no longer con­trols Bit­main, he is the Chair­man of Bit­deer, a cloud-min­ing ser­vice which is the sole share­hold­er of Strait­deer Pte., which owns Asia Freeport Hold­ings Pte. Both Asia Freeport and Le Freeport were report­ed to oper­ate at a loss.

Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published.