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Riviera penthouse to be 'world's most expensive'

Ben McPartland · 19 Aug 2014, 13:04

Published: 19 Aug 2014 13:04 GMT+02:00

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The world’s most plush apartment will be up for sale next year, but be warned, you’ll need a head for heights and incredibly deep pockets to be able to afford it.

The penthouse apartment will be built at the top of the 170-metre-high Odeon tower in the tax haven of Monaco on the chic French Riviera.

It will include four floors of the tower - from the 45th to the 49th and in total will measure 3,500 square metres. It is set to be handed over for sale in September 2015.

The developer – the powerful Marzocco group – hope it will sell in the region of €300 million - slightly more than your average barn conversion in the Dordogne.

“We think we can even get a little bit more,” Daniele Marzocco, one of the directors said back in June.  

Apart from the obligatory bedrooms, lounge, dining and kitchen on each floor, the apartment will feature a sauna, private cinema, steam room and an infinity pool with a slide on the 47th floor, plus a bloody good view and no “vis-a-vis” (Overlook from neighbours).

The French news site Challenges claims however that the developers might have a hard time getting it off their hands for a decent price.

“In the small world of luxury penthouses, sales are negotiated hard, often through lawyers and they are rarely sold within 18 months,” an unnamed expert told the newspaper.

The expert also warned over misinformation saying “the properties are rarely sold at the price announced”.

Reports say the developers have so far found buyers for 26 out of the 36 luxury apartments in the Odeon tower, the first sky-scraper to be built in the principality since the 1980s, which is costing more than €600 million to construct.

The finishing touches are being put to the tower with work set to be complete by early next year.

According to the Marzocco group around one quarter of the apartments sold have gone to expats from the former Soviet Union.

Story continues below…

The Monaco government bought up 166 apartments at lower levels for the exclusive purchase of residents of the principality, who will use a different entrance to the other owners.

Those flats will go on sale in September.

To see more of the Odeon Tower, you can watch this promotional video.

Ben McPartland (ben.mcpartland@thelocal.com)

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