Bloomberg News

France’s Hollande Owns Properties Valued at $1.51 Million

May 12, 2012

French President-elect Francois Hollande, who portrayed himself as a “normal man” during the election campaign, owns properties worth 1.17 million euros ($1.51 million), according to a government publication.

Hollande has a 130-square-meter house in Mougins, a town in southern France, which is worth 800,000 euros, according to the document, published yesterday by the Journal Officiel de la Republique Francaise and available online. He also partially owns two apartments in Cannes, on the French Riviera, shows the document, based on declarations Hollande made on March 15.

The President-elect declared 8,260 euros on three different bank accounts, two of them with Societe Generale SA (GLE), the country’s second-biggest bank, and one with La Banque Postale. The Socialist also declared owning furniture worth 15,000 euros. He has five loans, three of them with banks, and must repay more than 255,000 euros to his creditors, according to the document. The President-elect declared owning no stocks and no works of art or jewels, the document shows.

Hollande beat PresidentNicolas Sarkozy in the second round of elections that took place May 6. The Socialist candidate sought to portray himself as the anti-Sarkozy leader, calling himself “normal” in contrast with the incumbent, portrayed in the media as “President bling-bling.”

To contact the reporter on this story: Albertina Torsoli in Paris at atorsoli@bloomberg.net

To contact the editor responsible for this story: Phil Serafino at pserafino@bloomberg.net


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