Russian tycoon stakes $10m on friend's failure in real estate

Sergei Polonsky, the Russian billionaire behind the construction of Europe's tallest building, said that he is willing to bet $10 million that Onexim Group owner Mikhail Prokhorov will fail as a property developer.

Prokhorov, who controls OAO Polyus Gold and owns part of United Co Rusal, said on his Internet blog last week that he planned to expand his real estate business to take advantage of the financing problems he said Russian developers are having.

"I promise to pay Mikhail $10 million" if he wins any development award for any project of at least 100,000 square meters, said Polonsky, 35, on his blog. "And I'll give the money I win to an orphanage."