June 30, 1917 (report sent on May 25)
Nicholas Romanov, the former Russian Emperor Nicholas II, has lost property valued at $700 million. He had enjoyed the revenues for life. But the property has now been confiscated by the Provisional Government, according to the Associated Press, which also reports that a special commission set up by the government has been discussing whether other properties owned by Nicholas and worth about $48 million should also be "sequestered by the government."
This commission is also considering whether the properties owned by the Grand Dukes and Grand Duchesses, "worth about $210,000,000, should be seized for the benefit of the public."
One authority believes that Nicholas still "has on deposit in the Bank of England $35,000,000." The money was placed there some years ago ago "in provision for the rainy day which now has come. The former emperor's uncle, Grand Duke Alexis, left $10 million "on deposit in the Bank of France.
It is also understood that there are two Romanov trust funds. One was set up by Alexander III shortly before his death in 1894. This fund is now worth about $7,800.000, and is invested in Russia. The other fund, which is worth about $24 million, was derived "by Alexander II when he liberated 4,000,000 serfs for $6.00 each in 1861."
Both of these funds are now in easy reach for the Provisional Government. The Grand Dukes and Grand Duchesses, as private individuals, owned more than 200 palaces and villas, said to be worth $70,000,000. Among the richest estates are in the Crimea and the Caucasus.