The richest Ukrainian, Rinat Akhmetov, bought a luxurious five-story apartment in Monaco for a record 471 million euros. This is reported by the Bloomberg agency, which described this amount as astounding. The spacious apartment is located in the most prestigious project of Mareterra, a new district of Monaco, which was inaugurated in 2024 by Prince Albert II of Monaco.
Photo: SITA/AP, Andrey Lukatsky
Rinat Achmetov in a picture from 2019
The sale of this apartment was ranked among the largest single transactions in the residential real estate market in history. The apartment is located on the coast, has 21 rooms and was bought by the billionaire Akhmetov through his holding company. The Mareterra site was built on artificially acquired land and attracted the wealthiest investors from around the world.
The apartment covers an area of approximately 2,500 square meters, if the area of balconies and terraces is not included. It overlooks the Mediterranean Sea and includes a private pool, hot tub and at least eight parking spaces.
Details of the sale, which was completed in 2024, come from the Principality of Monaco’s land registry, as well as a set of emails and preliminary contracts reviewed by Bloomberg Businessweek. The information comes from the non-profit organization Distributed Denial of Secrets, which archives hacked and leaked material deemed to be of public importance.
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Photo: Valery HACHE / AFP / Profimedia
Mareterra Monaco The image captures the construction of the new Mareterra district during its opening on December 4, 2024. Prince Albert II of Monaco. then he officially launched a large-scale project, thanks to which this city-state gained six hectares of new land at the expense of the sea.
Akhmetov’s holding company System Capital Management (SCM) confirmed that it has made an acquisition in this project. However, she refused to provide information on the price and did not comment on other details.
The €471 million price tag would make the transaction the largest known residential sale in history, surpassing the recent sale of developer Nick Candy’s London Chelsea home for more than $350 million and the sale of a New York penthouse to hedge fund manager Ken Griffin for around $240 million.
Monaco is located on a rocky promontory between France and Italy. It has long been the most expensive real estate market in the world, mainly due to its small area and status as a tax haven. The Mareterra project has been developed over ten years on land reclaimed from the sea and comprises 114 luxury villas, townhouses and apartments arranged around gardens, a marina and a public promenade.
Bloomberg reports that Akhmetov’s purchase agreement was concluded in the principality shortly before Russia’s invasion of Ukraine in 2022. The war has subsequently caused upheaval in Akhmetov’s business empire, including attacks on the assets of energy firms.
According to Bloomberg’s index of billionaires, Akhmetov’s fortune is estimated at more than seven billion dollars. The majority comes from SCM, which is the largest industrial conglomerate in Ukraine. It invests in metallurgy, mining, energy and real estate.
Properties in the Mareterra project were sold at prices exceeding the symbolic 100,000 euros per square meter, according to local real estate agents. One three-bedroom apartment is currently on the market for around 76 million euros. There are also offers to rent apartments with four to five rooms for 150,000 euros per month.
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