Tuesday, March 6, 2007

Royal undervalued property


Le Canard Enchaîné, the satirical French paper that released a storm of controversy when it revealed that Nicolas Sarkozy had gotten steep discounts on the purchase and renovation of his apartment, has struck at Socialist candidate Segolene Royal.

According to the paper, Segolene Royal and her partner Francois Hollande have underreported the value of their properties to tax authorities. The first instance concerns their house in Mougins. Royal and Hollande evaluated the value at 270,000 euros, but the article states that a more appropriate value would be 700,000 euros.

The second accusation concerns an apartment of theirs in Boulogne-Billancourt. Royal reported that it had a value of 750,000 euros, but back in 1990 is was worth the equivalent of 876,000 euros, and today it is estimated to be worth 1,200,000 euros.

For her part, Segolene Royal responded that the appraisals of their properties was conducted by experts, and that there is "no fraud in the declaration".


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