While the property market is generally languishing in France at the moment, it hasn’t stopped the world’s most expensive apartment from going on sale in Monaco
If this palace of a penthouse sitting atop a brand new tower in Monaco goes ahead, it will become the most expensive apartment in the world. With a massive 3,300m2 to play with and an airy location 170 metres up at the summit of the Odéon Tower in the glittering principality, this is a property of 5-star-level facilities: Infinity pool with slide, private cinema, steam room, sauna, spa, gym… and unparalleled views of Monaco and the Italian coast.
The Tour Odéon was built on the initiative of local monarch Prince Albert II, amongst a number of other property projects as a way of countering the acute lack of property available in his fiefdom and the continual rise in property prices in Monaco. Vinci was the construction company charged with the build at an estimated budget of €500 million and a marketing machinery that kicked off in autumn 2012 (see video below). Then, the first tranche of 20-odd apartments were put on sale off the plans for between €55,000 and €70,000 per square metre (the regional average for Alpes-Martitime is €4,100/m2). Up to now, 8 of these homes have secured buyers. The price climbs the higher one is off the ground, finishing up with the afore-mentioned penthouse, which is on the market at €3,000,000 or a whopping €91,000/m2.
The construction of the tower block – which looks decidedly more Emirati than French – has its fair share of skeletons too. According to 24-hour news channel LCI, five people have been arrested in connection with the Odéon project, accused of corruption – most notably its two Monegasque selling agents, the UMP Senator of nearby Saint-Jean-Cap-Ferrat and the mayor of Beausoleil.
The charge list includes money laundering and abuse of public office. More recently, the daily paper Nice-Matin revealed in its columns that this enormous tower would block Wi-Fi signals. Following this article, the promoter was accorded the right to reply by the newspaper, in which he absolved himself of all responsibility and explained that he never received any complaint.
Even though the price of the penthouse is set at €300m, there is not guarantee that it will fetch this potentially record-breaking price. It does bring to mind a similar project in New York, where an apartment of a similar level of quality (although smaller at 278m2) was for sale on the City Spire skyscraper. In 2012, it was presented to the market as the most expensive apartment in New York with a sales price of $100,000,000 but there are no takers as yet…
Odéon Tower Presentation Video