by By Shaun Walker
The Independent
26 September 2007

When the Black Sea resort of Sochi won the right to host the 2014 Winter Olympics, the authorities felt that a little sprucing up was in order - which is why they're spending GBP 3bn on a brand new island, shaped like the Russian mainland and devoted to luxury.

Soon, Russia's super-rich will no longer have to travel all the way to Monaco or the Cote d'Azur to purchase luxury beach homes. Having snapped up summer residences across Europe and gained a reputation for their appetite to party hard, spend big, and generally live the high life, the Russian elite will now be given the opportunity to do so without leaving Russia.

Plans have been announced for the construction of a breathtakingly ambitious artificial island off the Black Sea resort city of Sochi, venue for the 2014 Winter Olympics....

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Posted by dcjaya at September 26, 2007 2:55 AM