High livin'

Monte Carlo dwelling sold for €240m

By Daniel Thomas, Property Correspondent

A flat in Monaco owned by British property entrepreneur Christian Candy has been sold for €240m (£199m) in one of the most expensive residential property sales.

The sale of the home, which dates back to the interwar years of swinging Monte Carlo, underlines the recovery in the fortunes of the super-rich, which has helped boost prices for luxury homes.La Belle Epoque, a property occupied by Christian and his brother Nick Candy, has been bought by an unnamed Middle Eastern investor.

The apartment comprises the top two floors of the building and was the home of Edmond Safra, the financier and philanthropist. He died in a fire at the property in 1999.

Despite its price, which is almost one-third more per square foot than recent sales, La Belle Epoque has only three bedrooms.

However, it covers some 17,500 sq ft, with each suite having its own cinema, kitchen, dressing room and two bathrooms.

It has a library and spa, while its gardens feature mature trees and views of the waterfront.

It has been sold on a 97-year lease.

The flat was home to both brothers, who are domiciled in Monaco. They will remain in the principality where their yacht, Candyscape II, is moored, and are understood to have found a new residence.

A spokesman for the Candy brothers declined to comment.

The sale reaffirms Monaco as the most expensive place to live, boosted by a very tightly held property market and a benign tax system which attracts the super-rich.

Across the border in France there remains strong demand for exclusive properties in Cap Ferrat, Cap d’Antibes, Saint-Tropez and other playgrounds of billionaires from Russia and the Middle East.

Record prices have been paid for properties in Hong Kong and in London, including the sale of a £135m penthouse at One Hyde Park, the development in Knightsbridge being built by the Candy brothers.

Other properties carry a higher valuation than La Belle Epoque, including a housing complex in India built for Mukesh Ambani.

In 2008, Russian billionaire Mikhail Prokhorov was poised to spend €500m buying Villa Leopolda, a villa near Cap Ferrat, from Lily Safra, Edmond Safra’s widow, but the sale is thought to have later fallen through.