candy brothers

World's Most Expensive Penthouse Sells for $308 Million in Monaco

Barely a month after we reported that a London penthouse had sold for $220 million, making it the world's most expensive private residence, the record has been shattered with the $308 million sale of a palatial penthouse in Monaco (above). The Monaco property, called La Belle Epoque, has quite a history; formerly the home of billionaire banker Edmund Safra, it's where he was found dead following a mysterious fire that gutted the apartment in 1999. The three-bedroom, 17,500-sq-.ft. duplex penthouse, which includes a double-height library and vast roof terraces complete with mature 15-foot trees and an infinity pool, is thought to have been purchased by an Arab sheikh, the Economic Times reports.

The apartment's luxe features include a panic room with reinforced glass and surveillance cameras, cinema screens which emerge from walls at the touch of a button, numerous walk-in wardrobes and dressing rooms, a leisure room with billiard tables and arcade video games, a Jacuzzi and spa, and a media room with special executive chairs which convert into beds. The penthouse was sold by British property developers Christian and Nick Candy, who acquired the space relatively cheaply following the fire from Lily Safra and hired designer Martin Kemp to oversee $40 million in renovations, including a dining room (above) with a platinum leaf ceiling.

Gallery: $308 Million in Monaco

Tags: Arab, Candy Brothers, Edmund Safra, Lily Safra, London, Monaco, penthouse, worlds most expensive

Will London's Grosvenor House Become Luxury Residences?

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

In January, we mentioned that London's Grosvenor House, a five-star hotel is owned by Royal Bank of Scotland, would be heading for sale. Now it looks like there might be a potential buyer. The Candy brothers, famous for their ultra-luxury developments including the luxurious One Hyde Park, may enter the bidding. The London Times reports that the Royal Bank of Scotland is looking for a payday of more than £500 million. The article has the designing duo in partnership with an Asian financial backer in a plan that would including buying an apartment block next door to Grosvenor House to create one large luxury development.

The brothers Candy would be getting a property with a lot of history. The building was once one of the largest private houses in Mayfair and the site was the home of the Duke of Westminster and the Grosvenor family. More recently the hotel's great room has been used for awards ceremonies and luxurious private functions.

Brothers Nicholas and Christian Candy made news here in the States a couple of weeks back when they faced foreclosure on the site of the former Robinsons-May on Wilshire Boulevard in Los Angeles. They had paid $500 million for the property in 2007 and had plans to create condos and a hotel. The property went back to lenders. it is expected that the property will be sold later but will likely not bring in nearly as much money.

Tags: candy brothers, candy candy, CandyBrothers, CandyCandy, grosvenor house, GrosvenorHouse, london