Real estate is a traditional investment since property values tend to increase over the years, but there is a sector of the market that commands astronomical prices for trophy properties. These include penthouses in cities like New York, Dubai or, in this case, Monaco. The penthouse of Monaco’s Odeon Tower, which is scheduled for delivery in 2014 at a price of around $360 million could become the most expensive apartment ever sold.
The luxurious 35,000 square-foot abode will take over the top five floors of the exclusive buildings, which at 557 feet will be the second tallest building in Monaco. Taking advantage of such vertical prominence, the Odeon penthouse will have amazing views of both the Mediterranean Sea and the fabled European principality.
As if this were not enough, the apartment boasts superb open spaces with multiple terraces, all with panoramic views of the Monegasque hills. The main terrace comes with a spectacular infinity pool –located 500 feet above sea level—whose waters cascade onto the lower terrace, creating the illusion that one is swimming in the heavens. To add to the wow factor of the outdoor spaces, the pool features a water slide that allows swimmers to dive into the pool from the main terrace, located on the upper level.
The ultramodern luxury residential building, designed by Alexander Giraldi Studio, will house only 70 units and will be equipped with a business center, private cinema, spa with saunas and Turkish and Russian baths, several pools and a fully equipped gym. Its residents will also have access to in-house catering, concierge, housekeeping, chauffeur, dry cleaning and laundry, among many other services, which will be available via a touch screen that provides full control of the entire property. The smart building features state-of-the-arts technology, especially in the penthouse unit.
Monaco is not a city of skyscrapers; since 1980, an edict restricts the height of any new building. However, this project was approved by HSH Prince Albert, who apparently was seduced by the beauty of the unique structure. The superlative penthouse at the Odeon Tower is still under construction and has not yet dethroned La belle époque, as the most expensive apartment in the world, sold for 308 million two years ago to a member of the royal family of Dubai. But once completed, this penthouse will surely attract a select crowd of billionaires eager to take possession of this palace in the sky. ■
