The Kogans Readjust Their Expectations

Valery and Olga Kogan are back in business! Sort of! As you may recall, last year the Russian tycoon and his wife planned to build the craziest mansion Greenwich had ever seen, one equipped with 15 bathrooms, Finnish and Turkish baths, on-site hair salon, and electric guitar-shaped outdoor patio surrounded by "guitar god" statues.

Greenwich's planning and zoning commission initially rejected the couple's rather interesting architectural plans (some buttoned-up locals seemed to think the new manse would be a "sore thumb," believe it or not), but the board later relented and gave the couple the go-ahead. But then the Kogans decided to back out of the plan themselves, reportedly because of the costs involved and the fact the property was already mortgaged to the hilt.

The Kogans are now hoping to get back to some construction work—albeit on a slightly more modest scale. Instead of ripping down the house that's currently on the property so they can construct the blinged-out palace of their dreams, the Kogans are now asking for permission to fix up the home that's already there. No "guitar god" statues are involved this time around. Just a new driveway, a new pool, and some fresh landscaping. Buzzkill!

All is not lost, though. The Kogans reportedly plunked down $17 million to buy a home in Israel last year and they "expect to spend $50 million to build their dream estate." Anyone know how to say "good luck" in Russian?

What the Kogans were planning and what they'll have to settle for below:

The Kogans Readjust Their Expectations

Wife of Russian multi-millionaire seeking approval to renovate mansion [GT]