monacopenthouse

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

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