
Zero-Down Home Financing: How it Really Works
Section: Business
A couple in London experienced an unexpected and troublesome issue shortly after purchasing a luxury villa, known as Horbury Villa, which is equipped with numerous high-end amenities.
The property was acquired in 2019 by Iya Patarkatsishvili, the daughter of a Georgian billionaire, and her husband Yevhen Hunyak for an impressive sum of £32.5 million (approximately EUR39 million). The villa boasts seven bedrooms, a swimming pool, a spa, a fitness center, a library, a cinema room, and even a designated 'snore room' intended to promote restful sleep.
However, just days after moving in, the couple discovered a significant moth infestation within their new home. Reports indicate that at the height of the issue, the couple was exterminating up to one hundred moths daily, finding them not only in closets but also in everyday items such as glasses and toothbrushes.
Faced with this alarming situation, the couple decided to take legal action against the seller. During the court proceedings, the seller claimed to have been unaware of the infestation or any other defects related to the property.
In a recent ruling, the court did not accept the seller's defense. The judges mandated that the sale be rescinded due to the infestation, requiring the seller to refund the couple the purchase price minus £6 million (around EUR7.1 million) to account for their use of the property. Additionally, the seller was ordered to pay £4 million (approximately EUR4.8 million) in damages, which included £15,000 (about EUR17,980) for clothing that had been ruined by the moths.
This case highlights the complexities and potential pitfalls involved in high-value real estate transactions, particularly when undisclosed issues arise after the purchase.
Section: Business
Section: Business
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Section: Health
Section: Arts
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Section: News
Section: Arts
Section: Business
Section: Business
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