Kevin Brass
Through booms and crashes, Kevin Brass has covered international property markets for the International Herald Tribune and New York Times. His work focuses on news and trends that impact shifting markets, providing essential information to agents, investors and consumers looking to buy or sell property.
No Bargains on the French Riviera
Villa Shamballa
The French Riviera may be one of the few markets where nobody really cares about the global economic showdown. Sure, there may be fewer Russian oligarchs wandering the docks, but a château overlooking the Mediterranean will always be priced the way it is priced, and that’s just the way it is and the way it will always be. If you can’t afford it, there’s always Spain, the locals are happy to point out.
Case in point is a modern villa on a hillside less than 1 mile from Monaco, which recently hit the market with a hefty price tag of 38.5 million euro.
On one-hand, the price for “Villa Shamballa” seems a bit steep, even for the Riviera. Sure, the estate covers 3,400 square meters and features 10 bedrooms, two pools, a guest house and the requisite “wine cave,” as detailed on the estate’s Web site. But that price range can buy a Versailles-style grand castle or a private island.
Nevertheless, this is the Riviera, so a potential buyer must consider the pedigree as much as the square footage. The house was built by retired real estate developer Jean-Claude Rahn and his wife Ursula Neuerberg, a member of the family behind German cigarette manufacturer Haus Neuerburg. Houseguests have included Prince Albert and Claudia Schiffer, according to a spokesman for the estate. (The ability to say “Claudia Schiffer slept here,” alone should add a few euro to the price.)
Beyond Claudia’s aura, the main draw is undoubtedly the location—a picturesque hillside covered with luxury estates, offering a 180 degree view of the Mediterranean. You can’t put a price on the Riviera, any agent will tell you. The villa is not far from Villa Leopolda, the Lily Safra estate which reportedly attracted a 500 million euro bid from a Russian oligarch last year.
The much-discussed price drew skeptical snickers from many in the industry. But it’s the French Riviera, so anything is possible.
