Monday, September 27, 2010

Most expensive property.... SOLD !!!!

Record for Monaco penthouse

Belle Epoque
La Belle Epoque after the fire that killed its previous owner, Edmond Safra; inset, the Candys in the penthouse, where they lived after the renovation. Source: AFP
candy brothers
The Candy brothers' yacht, the Candyscape, moored near the penthouse in 2006. Source: Supplied
BRITISH developers Christian and Nick Candy have sold their Monaco penthouse, La Belle Epoque, for £199 million ($328m), the highest price for a single residence in history.
The penthouse was bought by the brothers after it was extensively damaged in a fire in 1999. The fire was started by a servant who wanted to take credit for rescuing his boss, the penthouse’s owner, Lebanese banker Edmond Safra. The servant was jailed for 10 years in 2002.
The Candy brothers bought the 1600sq m penthouse from Safra’s widow. The brothers are notoriously private, and the purchase price and profit margin have not been released. However, some reports estimate they made a $US291 million ($305m) profit from the sale. The buyer is believed to be from the Middle East.
The penthouse includes a two-level library, infinity pool, bullet-proof windows, a panic room and extensive walk-in robes.

"We are not suffering," Christian Candy told The Sunday Times in 2008.The Candy brothers have, in the past few years, become Britain’s most successful private property developers. This latest sale eclipses their previous record, for a penthouse at One Hyde Park, London, which sold for £140 million in August.

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