Roman Abramovich’s $120 million Riviera mansion has been seized by French authorities

French authorities have reportedly seized a $120 million mansion owned by Russian oligarch Roman Abramovich.

The historic home – located on the posh Riviera – was previously leased by King Edward VIII after he abdicated the British throne to wed the divorced Wallis Simpson.

The property is one of 12 French residences owned by Abramovich across the country – all of which have been confiscated in recent weeks, the Daily Mail reported.

French officials are currently cracking down on the activities of wealthy Russians in their country to pressure Russian President Vladimir Putin to withdraw from the war in Ukraine. Abramovich, who has a net worth of $8.3 billion, is a Kremlin confidante with close ties to Putin.

While Abramovich is sure to be devastated by the confiscation of the dozen properties, the home on the Côte d’Azur is said to be particularly important to the oligarch.

He bought the home — known as Château de la Croë — in 2001 before spending nearly $40 million on renovations.

The imposing entrance gates of the Château de la Croë are shown. The property is said to be a personal favorite of Abramovich.
TASS via ZUMA
Abramovich has owned the eight-bedroom, twelve-bathroom property for 21 years.
Abramovich has owned the 12 bedroom, 8 bathroom property for 21 years.
Gamma Rapho via Getty Images
The Château de la Croë was leased by King Edward VIII and Wallis Simpson, who hosted Winston Churchill on the property.  The trio is pictured there in 1948.
The Château de la Croë was leased by King Edward VIII and Wallis Simpson, who hosted Winston Churchill on the property. The trio is pictured there in 1948.
Gamma Keystone via Getty Images

The billionaire businessman added a rooftop pool, giant gym and home theater to the 1926 mansion.

The Château de la Croë — which has eight bedrooms and a dozen bathrooms — sits on 12 acres of grounds just meters from the Mediterranean Sea.

King Edward VIII began leasing the house in 1938, less than two years after he abdicated the British throne.

The Royal used the residence as a holiday home with his wife, Wallis Simpson, where they hosted some of the world’s most powerful people.

Former British Prime Minister Winston Churchill and his wife Clementine celebrated their 40th wedding anniversary at the Château de la Croë in 1948.

The house sits on 12 acres and is adjacent to the Mediterranean Sea.
The house sits on 12 acres and is adjacent to the Mediterranean Sea.
TASS via ZUMA

According to the Daily Mail, French authorities have seized a total of 33 properties from Russian oligarchs since Putin ordered an invasion of Ukraine in February.

“Freezing real estate assets means they cannot be sold or used for rental income,” a source explained, saying they hope the move will help Russian oligarchs pressure Putin to end the war.

“This is all part of the sanctions program being imposed on the Russian Federation in response to its invasion of Ukraine,” the source added.

French authorities are also reportedly seizing superyachts and helicopters from wealthy Russians. The value of the confiscated assets is currently more than 27 billion US dollars.

Abramovich (pictured in Israel last month) has reportedly had all 12 of his French possessions confiscated by authorities.
Abramovich – pictured in Israel last month – reportedly had all 12 of his French possessions confiscated by authorities.
REUTERS

The news comes after Page Six reported that Abramovich asked his Hollywood and US power broker friends to loan him $1 million each to keep him afloat as his assets are frozen worldwide.

The oligarch’s bank accounts have been frozen in both the US and the UK, where he owns Chelsea Football Club. Last month, the British Premier League ordered Abramovich to close down and sell Chelsea after he was sanctioned by the British government.

Abramovich was spotted at an airport in Israel last month, but his current whereabouts have not been confirmed.