Rinat Akhmetov bought an apartment in Monaco for a record $550 million — Bloomberg

The richest Ukrainian, Rinat Akhmetov, has purchased a luxurious five-story apartment in Monaco for approximately 471 million euros (about $550 million), Bloomberg reports.

If this amount is confirmed, the deal could become the largest in the history of residential real estate sales in the world.

An elite property in the new Mareterra district

The property is located in the prestigious Mareterra district, which is considered one of the newest and most expensive in the principality.

The apartment is located in the Le Renzo building and has:

21 rooms
an area of ​​​​about 2,500 sq. m (excluding terraces)
a panoramic view of the Mediterranean Sea
a private pool and jacuzzi
at least 8 parking spaces
Investment through SCM

The businessman’s holding company, System Capital Management (SCM), confirmed the investment in the project, but without disclosing details of the cost or a specific object.

The company noted that the investment was made back in 2021 in the primary market, and SCM’s international portfolio has included premium real estate for over a decade.

The deal exceeds London and New York records

According to Bloomberg, this purchase may surpass previous records:

Sale of an estate in Chelsea for over $350 million

A penthouse in New York for approximately $240 million

Akhmetov concluded the deal itself on the eve of Russia’s full-scale invasion of Ukraine in 2022.

One of the most expensive markets in the world

The real estate market in Monaco is traditionally considered the most expensive in the world due to its limited territory and tax haven status.

In the Mareterra area, prices exceed 100 thousand euros per square meter, and rents can reach 150 thousand euros per month.

The project itself was created over a decade ago – it includes 114 properties: villas, townhouses and apartments.

Net worth and previous investments

According to Bloomberg Billionaires Index estimates, Akhmetov’s net worth exceeds $7 billion. His business is concentrated in the SCM group, which operates in metallurgy, energy, mining and real estate.

Previously, the businessman has already invested in premium real estate:

in 2019, he purchased the Les Cèdres villa on the French Riviera for 200 million euros
in 2011 – a penthouse in the London complex One Hyde Park