Businessweek describes Mr. Rovt as a man with "a bearish physique, slicked-back black hair, thick mustache, and a fondness for cigars."

We learned a lot in the Businessweek profile on Alexander Rovt, the Ukrainian fertilizer billionaire who's been making huge, all-cash investments into American real estate lately (he spent $303 million to acquire a majority stake in the Banker's Trust building this April). Mr. Rovt should not be confused with Russian fertilizer billionaire Dmitry Rybolovlev, who spent $88 million on a penthouse at 15 CPW.

First of all, Mr. Rovt hates to be called a Russian oligarch—he's actually Carpathian, a border region that is now part of the Ukraine. And while he did make the bulk of his fortune in connection with the purchase of an old, formerly government-owned Ukrainian fertilizer plant, he is adamant that he is not the kind of Eastern European billionaire who has capitalized on Post-Soviet privatization. 

Also, FYI, while fertilizer might put some people in the mindset of a stinking piles of crap, the kind that became incredibly lucrative during the Post-Soviet privatization that Mr. Rovt absolutely did not capitalize on, is a nitrogen-based chemical product primarily derived from natural gas.

A few other surprises: Mr. Rovt has lived in Brooklyn for nearly 30 years (he left in the 1980s under a program that gave Jews special dispensation to emigrate) and continues to live there despite owning not one, but two townhouses on the Upper East Side. One of these townhouses, currently on the market for $21 million, includes reinforced walls of concrete (hidden beneath brick), a screening room and a basement banya with a swimming pool.

Mr. Rovt also sits on the NYC Board of Correction (no museums for him, thanks) and is a trustee of John Jay College of Criminal Justice. He's really into these hobbies—he happily gave a Ukrainian dignitary a tour of Rikers Island—so you know he's not just on the board of the correction for the prestige that comes with the position. Obviously, this also means that he is totally law-and-order and not involved in any shady Eastern European intrigue.

Plus, he thinks he's worth a little more than the $1.2 billion that Forbes estimated his vast fortunate at, but doesn't want to quibble. He really doesn't need the publicity. Of that vast fortune, he's planning to spend between $300 and $400 million more on New York real estate. Not that he'll be spending that on any apartments. He thinks Mr. Rybolovlev is an idiot.

"I would not pay $88 million for an apartment," he tells Businessweek. "For $88 million, I would buy a house."

kvelsey@observer.com

Sugar Daddy Under Siege

In the lawsuit, Elena Rybolovleva and her attorneys allege that Mr. Rybolovlev "fraudulently transferred property acquired during his marriage... in violation of a Swiss Court Order to his own personal use."

That "personal use," of course, was to buy the Sandy Weill's former penthouse last December in what became the most expensive apartment transaction in New York City's history. The purchase was conducted through layers of LLCs intended to conceal Mr. Rybolovlev's identity.

>>Inside an $88 million apartment>>

The former couple is currently dealing with their shattered marriage in divorce court proceedings in Switzerland.

Ms. Rybolovleva is asking to be included in a "constructive trust" over the 15 Central Park West property, among other awards.

More anon. 

drosen@observer.com 

They can, like, literally see their house from here. It's over Sandy's shoulder. (Getty)

The most watched real estate sale in years, if not ever, is now one for the books. The deed for the sale of Sandy Weill's penthouse at 15 Central Park West just hit city records. It reveals little—the LLC the buyers used is iron-clad—but there was an interesting bit of news about the seller of the $88 million home. It was not the former Citi chairman but his wife, Joan Helene Weill.

Of course this means nothing in terms of who actually owned the home or lived there. Ms. Weill's name was on the deed when it was bought, too, along with the JW Revocable Trust. It may well have to do with taxes and other things the wealthy do to protect their money—not unlike the theories about why the Weill's are giving the proceeds of the sale to charity. Never forget the tax benefits!

This arrangement also underscores the fact that despite wide, often wide-eyed, reports to the contrary, the home is not really for equestrian-loving Ekaterina Rybolovlev but in fact her father, Dmitry Rybolovlev, the potash king of Russia.

As Shakespeare once wrote, "What's in a name?" Or maybe that was Chekhov.

mchaban [at] observer.com | @MC_NYC

They're in the little big house. (RAMSA)

Update: A spokesman for Dmitry Rybolovlev denies any connection to the purchase of this condo, though sources still insist it is. See Mr. Rybolovlev's full statement below.

Merry Christmas Ekaterina Rybolovleva! Daddy loves you so much, he not only bought you a penthouse at 15 Central Park West that has become the most expensive home in New York history but also what is probably the most expensive servants quarters ever.

Astute observers of 15 Central Park West may have noticed that another apartment, 3F, went into contract last week. But at a mere $8.35 million, few took note of this latest development in light of the recent record busting $88 million sale upstairs. It was even overshadowed by a $24 million deal that was overshadowed by the penthouse.

It turns out, however, the penthouse and this lowly two bedroom have more in common than meets the eye: both were purchased by Dmitry Rybolovlev and both are for the benefit of his beloved daughter.

This brings Mr. Rybolovlev's total expenditures in the building to a head-spinning $96 million.

Sources have told The Observer that not only did Mr. Rybolovlev buy the $88 million penthouse for his 22-year-old equestrian-enthusiast daughter, but he also purchased unit 3F, which will house her private security detail. We're waiting to hear if the ex-KGB agents will have to share their new living quarters with Ms. Rybolovleva's prized ponies, but at this point it would hardly surprise us.

In any case, the muscle won't have it all bad. According to the listing from 15 CPW power broker Kyle Blackmon, the condo is situated in the back corner of "the house," the lower building at 15 CPW, which affords the apartment North, South and West exposures. There is a washer/dryer, a corner living room and a marble powder room. The five-fixture master bath includes a soaking tub, perfect for relaxing after a long day of babysitting russian heiresses.

According to city records, the seller is Corbett Price, a healthcare executive who sits on the board of his alma mater, the Ohio State University. Mr. Price paid $4.99 million for his home back in January 2008, making him yet the latest seller in the building to double their money in only a few years.

If this home truly is for the help, it would be far and away the most ever spent on non-primary residents. The record was previously held by 15 CPW's crosstown rival the Plaza, where the superintendent was given a $3 million apartment.

The Observer has also heard that Ms. Rybolovleva will be staying at 15 Central Park West full time, contrary to earlier reports. But we've found a fatal flaw in Mr. Rybolovlev's plan: with his daughter left to her own devices between floors 3 and 41, she'll be at the mercy of all 15CPW's new money-grubbing residents dying to get a peek inside her new pad. Beware the neighbors, Ms. Rybolovleva! Especially the bankers, they'll be dying to get their hands on your robust Russian assets.

Update: A spokesman for Mr. Rybolovlev sent The Observer the following statement denying any connection to this condo purchase:

eknutsen@observer.com

Straight to the top!

Aside from his many reported mistresses, Dmitry Rybolovlev has eyes for only one beauty: 15 Central Park West.

Multiple sources have told The Observer that for the past few years, as the Russian fertilizer tycoon has been on the hunt for a New York home, he has solely search in the limestone glory overlooking Columbus Circle. Like a besotted admirer, his gaze could not be wrested away from the Robert A. M. Stern-designed wonder, despite the best efforts of brokers.

"He’d been looking here sporadically for about two years," said a broker who has worked in the building.

Among the units Mr. Rybolovlev had looked at was that other record-setting penthouse, which William Lie Zeckendorf ultimately sold to a GPS mogul for $40 million. According to a broker with knowledge of that almost-deal, Mr. Rybolovlev looked at the Zeckendorf apartment but decided the 4,024-square-foot-square-foot space was too small for his liking.

Was the Russian  not interested in a building with deeper New York roots, say 740 Park or 834 Fifth? "No co-op would ever let him in the building," another broker said. Sadly, his 10-month jail stint on suspicion of murder might have precluded a visit with the stuffy boards.

One thing missing from the years of 15 CPW scouting? Ekaterina, Mr. Rybolovlev's daughter who is reportedly the one buying the penthouse for $88 million. "The daughter wasn't mentioned," said a broker who has been keeping tabs on Mr. Rybolovlev's real estate interests.

She did see the place before she "bought it," though. A source tells us she visited it a single time during the negotiations.

Other international high fliers have recently discussed buying property for themselves in the names of their young-adult children, explained a 15 CPW resident who recently put her apartment on the market.

"There's a billionaire that’s interested, and his daughter goes to N.Y.U," she said. "He was going to buy it for her, but he was also interested in being here a lot."

Ekaterina Rybolovleva (ProEquest)

What if the most expensive home ever sold in the history of Manhattan real estate was a Christmas present? In a remarkably credulous blog post, Forbes is reporting that Dmitry Rybolovlev did not buy Sandy Weill's penthouse for himself. Instead, the magazine claims it was his equestrian 22-year-old daughter who bought the place.

According to a statement given to Forbes, that is the arrangement being asserted:

A company associated with Ekaterina Rybolovleva, daughter of a well-known businessman Dmitriy Rybolovlev, has signed a contract to purchase an apartment at 15 Central Park West, New York. The apartment is a condominium currently owned by the Sanford Weill Family.

The statement goes on to say that Ms. Rybolovleva "is currently studying at a US university. She plans to stay in the apartment when visiting New York."

When contacted by The Observer, noted real estate attorney Stuart Saft joked that no doubt Mr. Rybolovlev would be staying there as well when he was in town. Indeed, there is plenty of room for the both of them in the city-block-sized spread over looking Central Park.

Even if the apartment was bought in Ms. Rybolovleva's name, clearly she did not purchase the apartment with funds earned on her own—riding horses pays well, but not that well. According to equestrian website Global Champions Tour, Ms. Rybolovleva made $2,370 in competitions last year. That would leave her about $87,997,630 shy of the apartment's price.

Stranger things have happened, maybe, but it seems suspicious that the purchase should come in the middle of Mr. Rybolovlev's knock-down, drag-out divorce war in Geneva. Could buying the apartment in his daughter's name assuage the financial pressure on Mr. Rybolovlev whose wife is demanding $6 billion in the proceedings?

"It gets the money out of his estate involved in his fight with his wife," Mr. Saft agreed. Yet he thought it was more likely that the gambit was related to income taxes.

"I think its related to taxes," he said. "I think it is his daughters apartment that he will be staying at when he’s in New York. And he’s concerned about New York income tax liability. It’s a real problem in a high tax city, in a high tax state," he said.

enknutsen@observer.com