Billionaire developer Christian Candy has reportedly sold his French villa for about 25 million euros (£22 Million).
Based in one of the most expensive locations in France, Saint-Jean-Cap-Ferrat, the Villa L’Horizon had an initial asking price of 35 million euros but had allegedly been sold at a chunky discount by Candy.
Saint-Jean-Cap-Ferrat has a relatively small population of just over 2,000 people, holding around 500 residencies.
French property prices have dropped by approximately 10% since former President Francois Hollande took office in 2012 and boosted real estate taxes, according to mortgage broker Enness International.
However, since the recent election win of Emmanuel Macron and his promise of more liberal policies towards the housing market, investors are said to be returning to the ‘super-prime’ areas of France.
Some properties on the French Riveria are now commanding a sky-high 150 million euros asking price, with future price rises possible according to local high-end agents.
The source of the information asked Bloomberg to remain private, stating he could not disclose any details on the buyer but did confirm the discount provided on the original asking price. Gilly Thomson, a spokeswoman for Candy’s CPC Group declined to comment.
A spokeswoman for Knight Frank LLP, which arranged the sale, also declined to comment.
Hotshot developer Christian has had a difficult year after helping fight an ugly court case alongside his brother Nick, in addition to fending off neighbours who objected to a garden extension at his £200 million London home.
Selling his beautiful French property at a 30% discount is surely a bitter pill to swallow for the accomplished entrepreneur.
DealMakerz are slightly confused as to the timing of this asset disposal – Macron’s election has breathed fresh hope and optimism into the recently beleaguered French property market.
Surely holding on to the property until the ground swell of domestic and international buyers pile back into the French luxury market would have been preferable to selling at such a painfully high discount.
This makes DMZ think that there are other reasons why the property has been sold – could this be the Candy’s raising money in preparation of a hefty payout in their ongoing lawsuit battle with estranged business partner Mark Holyoake? Speculation of course, but it remains an odd disposal by the usually savvy investors.
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