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Monaco flat sold for €200M profit

19 September 2010 4,189 views 2 Comments

The Candy brothers bought a Monaco penthouse for €15M, spent €30M doing it up, and sold it for a cool €240M to a middle-eastern buyer with a 97 year lease making it the most expensive 3-bedroom apartment in the world.

The Candy brothers, Christian and Nick, bought La Belle Epoque penthouse from the billionaire heiress Lily Safra for a bargain €15M. Lily Safra is the widow of the Lebanese banker Edmund Safra, who died in mysterious circumstances in 1999 from a fire in his apartment.

She is also the owner of the Villa Leopold, the sale of which was set to be the most expensive villa purchase at €365M (though it fell through, with Russian billionaire Prokhorov losing his €39M deposit).

They then renovated the large two floor 3-bedroom apartment with stunning sea views, including redoing the roof terrace putting in a swimming pool, for what may have seemed an exorbitant €30M. The investment, however, paid off handsomely with a €200M profit. As there is no capital gains tax in Monaco, we really do mean profit.

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