Kazakhstan Struggles to Sell Karim Massimov’s Luxury Mansion — Bloomberg

Kazakh authorities are still attempting to sell the lavish mansion in Astana once owned by Karim Massimov, the former head of the National Security Committee, Orda.kz reports. 

According to Bloomberg, the task is proving both highly unusual and nearly impossible.

Discounts Don't Count?

The villa, spanning 2,878 square meters, has already seen its price slashed by 40%, yet no buyer has stepped forward. The foreign outlet highlights the mansion’s extravagant features, which include a disco bar, a swimming pool with a jacuzzi, a theater, and 30 rooms — among them a bedroom with a bed designed to accommodate four people.

Despite the $3 million discount, Bloomberg notes that the political weight tied to recent events in Kazakhstan makes the property extremely difficult to sell. The third auction of the year, held in May, was canceled. The state-run company responsible for managing confiscated assets is now reportedly considering how to remove the property from its books altogether.

Astana, envisioned as a gleaming symbol of Kazakhstan’s economic promise, has yet to gain a reputation as a “city of millionaires.” Although the government continues to encourage foreign investment, the local elite appear uninterested in purchasing a property so closely linked to a tainted legacy.

Expert Opinion

Bloomberg spoke with Almaty-based analyst Yeldar Shamsutdinov, who said selling such a property openly would be extremely difficult, given that any buyer would be publicly associated with Massimov.

He added that the current real estate market in Astana is overheated, investment appeal has waned, price growth has slowed, and demand for luxury property is nearly saturated.

The capital itself, once renamed Nur-Sultan in honor of the first President, was designed to reflect Kazakhstan’s ambitions — full of skyscrapers by world-renowned architects. 

But when Massimov built the mansion in 2008, the country was already grappling with a financial crisis that diminished investor enthusiasm. Today, following the events of January 2022, anything linked to Massimov is viewed with stigma.

The former Prime Minister is serving an 18-year sentence for attempting a coup. 

Authorities confiscated $17.2 million in cash, a collection of watches, gold jewelry, bladed weapons — including a Japanese katana — and the infamous mansion.

Watchful Eyes

Although the property has been listed for auction, public interest remains minimal. The issue isn’t only the price. Potential buyers are wary of the risks involved in purchasing an asset once tied to someone so well-connected.

Owning it could either antagonize Massimov’s former allies or invite scrutiny from Kazakhstan’s security services.

Bloomberg suggests that in the end, the government may choose to retain the property and repurpose it —possibly converting it into an administrative facility or a nursery.

The feature on Massimov’s mansion is part of a Bloomberg special project on elite real estate, joining previous reports on high-end homes in Hong Kong, Bangkok, Mumbai, and Sydney. Notably, Kazakhstan’s entry in the series is represented by the residence of a convicted former security chief.

As previously reported in June, Massimov’s villa was not transferred to the city. Although there were initial plans to hand it over to the municipal government, those were ultimately abandoned.

The future of the property remains undecided.

Original Author: Nikita Drobny