A billionaire – ranked 286th in Forbes list of the 400 richest Americans – accused of hiding millions in foreign bank accounts, has pleaded guilty to filing false tax returns and paid back more than $52m in back taxes and penalties.

Igor Olenicoff - a property magnate who owns more than 10,000 apartments and 33 residential communities in Las Vegas and Florida, as well as 65 commercial properties in Orange County - made the admissions in a federal court, after the Internal Revenue Service charged him with filing a 2002 tax statement denying he had offshore accounts.

According to his plea agreement, Olenicoff managed to keep $346m in Bahamas-based accounts, MercuryNews.com reported.

According to the IRS, Olenicoff faces up to three years in prison but is unlikely to serve less than six months when he will be sentenced in April.

'I'm pleased with the outcome,' Olienicoff told reporters after the hearing.

'I'm not happy about it,' he added.

Further reading:

Developer Olenicoff Strikes Plea Settlement in Tax Case

$52 Million In Back Taxes Paid By Billionaire