Monaco property sells for £199 million

The FT reports that a flat in Monaco owned by British property entrepreneur Christian Candy has been sold for €240m (£199m) in one of the most expensive residential property sales.  La Belle Epoque, a property occupied by Christian and his brother Nick Candy, has been bought by an unnamed Middle Eastern investor.

The sale of the home, which dates back to the interwar years of swinging Monte Carlo, underlines the recovery in the fortunes of the super-rich, which has helped boost prices for luxury homes.

The apartment comprises the top two floors of the building and was the home of Edmond Safra, the financier and philanthropist. He died in a fire at the property in 1999.

Despite its price, which is almost one-third more per square foot than recent sales, La Belle Epoque has only three bedrooms.

However, it covers some 17,500 sq ft, with each suite having its own cinema, kitchen, dressing room and two bathrooms.

It has a library and spa, while its gardens feature mature trees and views of the waterfront.

It has been sold on a 97-year lease.

The flat was home to both brothers, who are domiciled in Monaco. They will remain in the principality where their yacht, Candyscape II, is moored, and are understood to have found a new residence.

The sale reaffirms Monaco as the most expensive place to live, boosted by a very tightly held property market and a benign tax system which attracts the super-rich.

Across the border in France there remains strong demand for exclusive properties in Cap Ferrat, Cap d’Antibes, Saint-Tropez and other playgrounds of billionaires from Russia and the Middle East.

Carie Estate for sale

The Carie estate on the southern shore of Loch Rannoch, in the heart of Highland Perth-shire. Carie is the ancient seat of Clan Robertson of Struan, whose chiefs lived at Carie House and owned most of the land in these parts. After Culloden, the Robertsons refused to ‘clear’ their estates of their clansmen in favour of the more profitable sheep, an honourable but financially ruinous policy, which led to the eventual loss of the entire clan lands by the early 20th century. The old Carie House, which stood some yards to the east of the present main house, was neglected by the hated Forfeited Estates Commissioners, who had seized the Robertson lands, and it burned down in the early 1900s. All that remained were three estate cottages and the drawing room of the main house, which was used as a crofter’s shed.

The present owners’ predecessors, who bought the estate from the Forestry Commission in the late 20th century, restored the drawing room to create a real luxury home and joined it to two of the cottages to create the foundations of the new Carie House. They also added the bow front and the library wing, and inserted a small conservatory entrance hall between Carie House and Morag’s Cottage so that both houses can be either connected or used separately.

The main house has three reception rooms, a kitchen, a conservatory, three bedrooms, three bathrooms and an attic; pretty Morag’s Cottage has two reception rooms, two double bedrooms and a bathroom. All the buildings at Carie, including the two-bedroom Factor’s House, were extensively restored five years ago. Carie House stands in 58 acres of landscapedlawns, wetlands and woodlands, against the backdrop of Loch Rannoch to the north, the Carie Burn to the east, and the Black Wood of Rannoch to the south. The cottages produce a healthy income from holiday lets of some £40,000 a year.