She’s 89 and suffering from dementia, but that hasn’t stopped Liliane Bettencourt, France’s richest woman and heir of cosmetics family business L’Oreal, from raking in big by selling her islands for a cool $42 million (€34.15 million) profit.
Having bought D’Arros Island and a few neighbouring islets in the Seychelles back in 1998 for $18 million, the octogenarian has now sold them for $60 million to a firm registered in the island country.
But a large portion of the $42 million profit looks set to be eaten up by tax. She will reportedly shell out $8 million to the Seychelles government in tax that should have been paid when she first bought the islands.
On top of that, Bettencourt – who along with her family owns 30.9% of L’Oreal – has also agreed to pay around $10 million as tax on the sale. The Seychelles government is to declare the islands as a “nature reserve”, which would be managed by the Save Our Seas Foundation.
Bettencourt may be on a tax-paying spree, but it is unlikely to dent much of her total fortune – after all, she is estimated to be worth $24 billion, according to Forbes.
What a story this is. She invested $18 million and comes out with more than 3 times her initial invesment. Just shows that high end assets - whether its properties or islands in this case - seem to be immune to the global economy and continue to move in one direction!