The rich get richer as the market gets bullish. But when the market slumps, even the wealthy have to pay a price. Since the recent recession hit the world, several billionaires have decided to give up their lavish mansions or yachts. Not too long ago, Russian billionaire Sergei Polonsky sold his hotel Sungate Port Royal, yachts and the house on the Côte d’Azur to put all the proceeds into further construction of his projects. With the market’s ups and downs, the economic downturn is still hurting some of the rich and famous. (For related reading, also take a look at 6 Outrageous Billionaire Purchases.)

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David Siegel’s $75 Million Mansion
In an effort to save money, chief executive officer of Orlando-based Westgate Resorts, David Siegel announced the sale of his unfurnished 90,000 square-feet mansion in July last year. The property in Windermere, Fla. has been listed for $75 million. Continue reading…