The Palais de Montmorency “sold out” and sold for 46.5 million euros, less than half its asking price.

Originally estimated at 102 million euros, the Palais de Montmorency in the 16th arrondissement of Paris has risen to second place among the most expensive houses in the world, it shows. challenges.

And for good reason, the private mansion, built in 1912 by architect Henri-Paul Nannot, offers 3,100 square meters of living space and 1,500 square meters of land. With 12 bedrooms, 12 bathrooms and four apartments, the palace is steeped in history, with a dining room ceiling designed by Douanier Rousseau himself.

This gem on Avenue Foch, located near the Place de l’Etoile, finally found a buyer after more than a decade on the market at a price that “broke out”. Mohammed Mahdi Al-Tajir, the former ambassador of the United Arab Emirates to the United Kingdom and France, sold his home at the age of 92 for 46.5 million euros. Or less than half of its initial price of 102 million euros.

A French management company

French management company Mindston Capital closed the transaction in December 2023, according to the business magazine. Specializing in the acquisition and renovation of real estate for international clients, the company plans to take over and re-market the Blumenthal-Montmorency Hotel.

Billionaire Mohammed Mahdi Al-Tajir, Scotland’s fifth richest man, put the property up for sale in 2011. Failing to find a buyer, he had to resort to drastically reducing his price. Today, the man lives mainly in London (England).