Ukrainian billionaire Rinat Akhmetov has purchased a €471 million apartment in Monaco, setting a new record for the most expensive residential property sale globally. The five-floor residence is located in the exclusive Le Renzo building within the Mareterra waterfront development.
The expansive apartment reportedly spans 2,500 square meters, featuring 21 rooms, a private pool, and jacuzzi. The deal was finalized in 2024.
Akhmetov's holding company, System Capital Management (SCM), confirmed an investment in the "Le Renzo" project, having developed a premium real estate portfolio over a decade. The purchase agreement predates Russia's full-scale invasion of Ukraine in 2022.
This transaction surpasses previous high-profile deals, including a London mansion sale. Akhmetov, whose net worth is estimated at over $7 billion, amassed his fortune through SCM, a major Ukrainian conglomerate with interests in steel, mining, energy, and real estate.
Mareterra is noted for its ultra-luxury market, with property prices reportedly exceeding €100,000 per square meter. Monaco consistently ranks as the world's most expensive residential property market, driven by limited land availability and sustained demand from high-net-worth individuals.