World's Most Expensive Penthouse Now on the Market in Monaco

World's Most Expensive Penthouse Now on the Market in Monaco

Residential News » Europe Residential News Edition | By Michael Gerrity | August 29, 2014 10:30 AM ET

Besides being a tax-haven and playground of the world's rich and famous for decades, Monaco will soon have a new title: home to the world's most expensive condo.

Tour Odeon, a twin high-rise condo project built by Groupe Marzocco SAM on Monaco's Mediterranean coastline will set a new world record penthouse sales price when their 5-story penthouse sells for an estimated $400 million plus price tag. When sold, it will easily eclipse the current world-record penthouse sales price of $237 million recorded earlier this year in London's One Hyde Park.

See related news story: London Enjoys Record-Setting $237 Million Penthouse

While the developer did confirm to World Property Channel the penthouse is now actively on the market and available for purchase, they would not confirm the price. But based on the recent uber-luxe penthouse sale in London's One Hyde Park at less than half its size in terms of square footage (16,000 square feet) for $237 million, a $400 million to $450 million price point is possible for Monaco's 35,500 square foot penthouse.

According to Groupe Marzocco, condo sales have continued to be strong in Monaco's newest and tallest residential skyscraper.

Tour Odeon building facts:

  • Height of tower: 170 meters
  • Number of stories: 49 (plus 10 underground levels)
  • Number of private residences: 70 luxury apartments,
  • sky duplexes and 1 five-story penthouse
  • Total size of project: 60,000 sq m/645,800 sq ft
  • Total size of private residential space: 28,000 sq m/301.382
  • Total size of commercial space: 4,400 sq m/47,360 sq ft
  • Work started: End of 2009
  • Completion date: Expected end of 2014
  • Developer: Groupe Marzocco
  • Architect: Cabinet Giraldi
  • General contractor: Vinci Construction
  • Interior designer: Alberto Pinto
  • Landscape architect: Jean Mus
  • Car parking spaces: 543

To date, the developer says 25 luxury apartments at Tour Odeon have been sold (out of 73 total units) to a range of nationalities from across Europe with prices reaching over €75,000 per square meter ($10,000 per square foot). Luxury apartments start at $25 million per unit, and go up significantly from there.

The main structure of the building was completed in late 2013. The sculpted 170 meter double tower rises over 49 stories, making it one of the tallest residential towers in Europe.

Niccolo Marzocco, Director of Groupe Marzocco says, "Property in Monaco is selling well. Prices have been said to have risen by 10% in the first few months of 2014 and there is no sign of the market slowing down. The principality has been flooded by many new nationalities either looking to live in the most glamorous and sought-after location in the world or to make an investment in the booming property market in Monaco. Tour Odeon has been incredibly popular and we have seen interest from buyers from all over the world. Not all of the apartments at Tour Odeon are going to be brought to the open market so we are thrilled with the sales success to date."

The stunning scheme features 70 exceptional apartments (with one to four bedrooms), two magnificent 1,200 sq m (12,900 sq ft) sky duplexes and a spectacular 3,300 sq m (35,500 sq ft) penthouse arranged over five floors with a private swimming pool. All of the apartments are located between the twentieth and forty-ninth floors and feature floor-to-ceiling glass walls and elegant terraces which offer breath-taking panoramic views over Monaco city and the glistening Mediterranean beyond.

This project is the vision of established Monaco developer Groupe Marzocco, legendary Monégasque architect Alexandre Giraldi - and has the backing of the Monaco Government, which has guaranteed the delivery of the largest construction project currently underway in the Principality of Monaco.

The sophisticated interiors by leading interior designer Alberto Pinto are stylish and tasteful - enhancing space and making the most of the tower's abundance of natural light. The finest natural materials such as marble, bronze and wood have been used throughout - with the very highest interior specification and the latest technology.

Residents of Tour Odeon will enjoy the ultimate luxury lifestyle. The development includes a wellness centre with private spa suites, a hammam, sauna, Russian bath, a well-equipped gymnasium and a choice of swimming pools.

A full-time dedicated concierge service will be available to ensure residents enjoy a five-star hotel experience on a daily basis. Every possible need has been considered, including a state-of-the-art business centre for residents, an entertainment area with a private movie room and lounge and a chauffeured limousine service.

A luxury on-site food shop and catering service, day-to-day housekeeping, dry cleaning, valet and vehicle washing services will be available at the touch of an integrated screen inside each residence. Owners will also benefit from a discreet management service, taking care of the smooth running, maintenance and security of the building.

One of the world's most glamorous and compelling locations, Monaco has long been a magnet for the most discerning international buyers attracted by its security, quality of life and advantageous tax environment. Its star-studded annual event calendar includes the Formula One Grand Prix, the Monte Carlo Arts and Jazz Festivals and The Rolex Tennis Masters.

Tour Odeon is ideally located for experiencing all that Monaco has to offer. It is just a few minutes' walk from Monaco's landmark destinations including Place du Casino, the world famous Hôtel de Paris and Hôtel Hermitage. Monaco boasts no less than five Michelin starred restaurants including Alain Ducasse's three-Michelin star Le Louis XV. Monaco's famous boulevards, such as Avenue Princess Grace, and its Carré d'Or boutiques offer the very best in luxury shopping.

For international travel, Nice Côte d'Azur International Airport is just 30 km away - offering daily flights to major cities all over the world - around 7 minutes by helicopter, 25 minutes by car and an hour by bus.

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