Rinat Akhmetov, Ukraine’s wealthiest businessman, has made headlines with his recent purchase of a luxurious five-story apartment in Monaco for €471 million. This transaction is now recognized as one of the largest individual real estate deals in history.
The 21-room residence, acquired through Akhmetov’s holding company, System Capital Management (SCM), is situated in the prestigious Mareterra district of Monaco. This area, developed on reclaimed land, was inaugurated by Prince Albert II in 2024 and has become a magnet for affluent investors from around the globe.
Located in the flagship building known as Le Renzo, the apartment spans approximately 2,500 square meters, excluding balconies and terraces that offer stunning views of the Mediterranean Sea. The property features a private swimming pool, a jacuzzi, and at least eight parking spaces.
While SCM has confirmed the acquisition, the company has not disclosed further details regarding the transaction or its price. They noted that their investment in the Le Renzo project began in the primary market in 2021.
According to Bloomberg, the reported price positions this investment as the largest known residential sale to date, surpassing a recent £350 million sale of a property in Chelsea, London, and a penthouse transaction in New York City for approximately $240 million involving hedge fund manager Ken Griffin.
Monaco, perched on a rocky outcrop between France and Italy, has long held the title of the world’s most expensive real estate market. Its limited size and status as a tax haven contribute to its high property values. The Mareterra residential complex has been under construction for a decade, featuring 114 luxurious villas, townhouses, and apartments, all surrounded by gardens, a harbor, and a public promenade.
As reported by the Bloomberg Billionaires Index, Rinat Akhmetov’s net worth exceeds $7 billion, primarily linked to SCM, the largest industrial conglomerate in Ukraine with investments across metallurgy, mining, and energy sectors.
Rinat Akhmetov's recent acquisition of a €471 million apartment in Monaco marks a significant milestone in real estate history. This purchase highlights the ongoing demand for luxury properties in exclusive markets.
Source: Bloomberg