In luxury real estate, there is, and has been for the last few years, no ceiling. Given that, there’s still a marked difference in pricing between properties that we may now rank as ordinarily, acceptably, and possibly even charmingly nuts, and those that seem to demand a new classification as certifiably, clinically insane. The latter category seems to have recently been met in Monaco, where, in the 49-story concrete-and-glass tower called La Tour Odeon, five years in the building and now the principality’s highest building, the five-floor penthouse has been prospectively put on the market for a tidy $335 million, or thereabouts. Developed by the Groupe Marzocco, designed by the Monegasque architect Alexandre Giraldi, the Tour Odeon topped out last year. Varying flats in the building, including the five-story penthouse, have been on the market for some months. Serious offers may have been entertained for the penthouse, but it is not known to be under contract. The point is, rather, that the fact of the offering, and the confidence of the developers as shown in the sheer mass of the mixed-use project in such a tight, hot, postage-stamp of a realty market as Monaco, is an indicator of the health of Europe’s luxury market.
the 31,500-square foot, five-floor palace occupies the 45th through the 49th floors of the Tour Odeon. The apartment includes a rooftop deck and pool, with its own water slide that descends one story from the dance floor directly into the infinity pool, if that gives us a sense of the dimensions. The flat has a spectacular view of the ocean and the ‘ville,’ as the French understatedly put it. You do get something for your lucre, in other words, nearly thirty-two thousand square feet in a town where just under 90 square feet goes for roughly $1 million.
Courtesy of: Forbes and Guy Martin