UPDATE: Buyer of $308 Million Monaco Penthouse Was Dubai Royal

by Jared Paul Stern (RSS feed)
Sep 20th 2010 at 7:01AM

It seems we were not in full possession of the facts when we relayed a report the other day that the world's most expensive penthouse, the $308 million former Safra property in Monaco (above), may have been sold to Greek billionaire Constantine Alexander-Goulandris. While Alexander-Goulandris was indeed involved in the sale, an insider now tells us it was actually in an advisory capacity and that the real purchaser was a member of Dubai's royal family, the Al-Mahktoums, headed by the immensely wealthy Sheikh Mohammed bin Rashid Al-Maktoum. Though incredibly expensive the purchase is seen as a wise investment by the Al-Mahktoums, we're told. In the wake of Dubai's financial difficulties, which caused Sheikh Mohammed's personal fortune to plummet by $7.5 billion last year, the family has been advised to acquire more (and more stable) assets outside of the UAE rather than sinking it all into Dubai's volatile economy. Alexander-Goulandris, being a resident of Monaco and an intimate of the Al-Mahktoum family, strongly urged the purchase of the Safra penthouse for the sake of diversification. It's not a bad place to hang out in either.

Gallery: $308 Million in Monaco

Tags: billionaire, Constantine Alexander-Goulandris, Dubai, Lily Safra, Monaco, monaco+penthouse, monacopenthouse, penthouse, royalty, sheikh, Sheikh Mohammed bin Rashid Al-Maktoum, UAE, worlds most expensive

Filed under: Estates, Wealth

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Reader Comments (Page 1 of 1)

SSFLASHON Sep 20th 2010 11:19AM

IT'S UGLY AND IN A UGLY PLACE. THE ONLY PRETTY THING IS THE WATER.

arrowhead Sep 20th 2010 12:07PM

If it was in New York would it still be so ugly? What about SF Dallas Miami or other american city? Dubai looks like Beruit with the old out dated buildings. WHile in good apperance unlike Beruit doesnt look like a recent new building has been built in 30 years.