I'm not sure mansions are a particularly big problem. If Michael Jackson and Jeffrey Epstein can have one, why not Putin?
But I agree that something went horribly wrong somewhere and it is not that easy to piece it all together.
In any case, the key privatized assets that were of interest to foreign corporations were in industry, energy, and finance. And it was US industrial, energy, and banking giants (and some European ones) that played key roles in the project by providing loans to companies, etc.
First, "spontaneous privatization” was already underway by mid-1990.
Second, Russia in 1992 was “advised” by the (Rockefeller-founded) World Bank to privatize as much and as fast as possible. Rockefellers and associates represented by the Federal Reserve Bank of New York, Chase Manhattan, City Bank, J P Morgan and Bank of America in collaboration with economic experts from Rockefeller-controlled institutions like Harvard University, told the Russians how to do it, and the IMF under G-7 (i.e. US-Rockefeller) pressure gave the Russian state a few billions in loans to encourage (or bribe) them to do it.
Third, the Russian state converted state-owned enterprises (SOEs) into shareholder corporations.
Fourth, the state gave control of companies to workers and managers.
Fifth, Russian businessmen and speculators, who had made huge profits in the 1980’s by buying cheap raw materials and selling them abroad for dollars, bought control of companies from the workers and managers.
Sixth, the new owners or controllers had a choice between (1) investing in their companies to make them more profitable, (2) transfer profits to off-shore companies, and (3) selling them for hard currency to foreign buyers or otherwise acting as middlemen for them.
Obviously, option (1) was not the most attractive to people whose main interest was quick profit.
Big foreign investors were lining up to enter the takeover game, advancing money to Russian partners to gain full or partial control of privatized companies. As Andrew Balgarnie of Morgan Stanley who had earlier opened their Moscow office put it in 1994, "There's more money that wants to come to Russia than there are quality places to put it."
Exactly what those big foreign banks did in Russia is not entirely clear. However, only a few years after the start of the program, in 1997, Russia’s Central Bank announced that it would no longer do business with 11 American and European banks: Chase Manhattan, J. P. Morgan, Bank of New York, Banque Nationale de Paris, Credit Suisse First Boston, two subsidiaries of the Deutsche Morgan Grenfell unit of Deutsche Bank, Credit Agricole Indosuez, Societe Generale of Paris, Union Bank of Switzerland (UBS)'s London operation and Salomon Brothers.
Russia Punishes 11 Financial Concerns – New York Times
So, how much money foreign investors actually made is hard to tell. The downside for Russia was that there was a massive cashflow out of the country that went to off-shore companies, many owned or co-owned by Russians. The economy was fast going downhill, and in 1998, the Russian currency collapsed and the country was basically bankrupt.
“From about 1991 to 1998 Russia lost nearly 40% of its real gross domestic product (GDP), and suffered numerous bouts of inflation”:
The Post-Soviet Union Russian Economy – Investopedia
According to Horowitz and Poe, the privatization resulted in a loss of USD100 billion to the Russian economy.
In any case, some Western corporations did get their hands on Russian assets at least in joint-ventures in the energy sector, for example, TNK-BP, and the aluminium giant Rusal. I think this was the overarching plan that was stopped in its tracks by Putin.
The pressure that the West is now putting on Russia must logically have the same object, to open Russia up to Western capitalist investment and, ultimately, control. Monopolism seems to be capitalism's biggest problem. We can't really blame China for trying to copy our own monopolistic tendencies.