Sydney Will Be Getting the World’s Tallest Building Made of ‘Hybrid Timber’

Posted in How the One Percent Live, Trend Report

Global software giant Atlassian will build the world’s tallest ‘hybrid timber’ building for its new headquarters in Sydney, the company said.

The 40-storey structure, coming in at 180 metres (590ft), will be constructed with timber mass — layers of softwoods pressed together — and will feature a glass and steel facade, topped by outdoor gardens.

The Atlassian building, designed by New York architects SHoP and Australian firm BVN, will operate on 100 percent renewable energy and incorporate solar panels and self-shading windows in its facade.

It will use Mass Timber Construction, a technique that fuses softwoods, which Atlassian described as a key technology to lower the building’s carbon footprint.

Construction is due to start next year and be completed in 2025.

(Image credit: Pier One Sydney)

Highly ecological, hybrid timber constructions have seen a burst of popularity. The Netherlands is due to begin work next year on a 140m (459 ft) hybrid timber tower in Rotterdam.

Atlassian, founded in 2001 by Mike Cannon-Brookes and Scott Farquhar, says the tower will house 4,000 staff and form the hub of a new tech precinct in the central Sydney business district.

“The space that we are building will be highly sustainable and highly flexible — it will be purpose-built for the future of work, for tomorrow’s world, not today’s,” Farquhar said in a statement.

He noted the post-CoViD reality of more people likely working from home, but said companies still needed offices to thrive. “Now we can design this space especially for these new ways of working,” he said.

Cannon-Brookes and Farquhar, both 40, met at the University of New South Wales in Sydney in 1998 and launched Atlassian three years later.

The company, now one of the world’s biggest collaborative software firms, has made the pair among Australia’s richest people, each worth around US$12 billion according to Forbes.

The Atlassian HQ project is not their first foray into the Sydney property market.

The duo live in side-by-side estates on Sydney harbour which both broke records as the most expensive homes in the city when purchased in 2017 and 2018 for around US$50 million and US$70 million respectively.

This story was published via AFP Relaxnews.
(Hero image credit: Atlassian)

Staff Writer

Inside Sylvester Stallone’s Golf Club Mansion, Now For Sale

Posted in How the One Percent Live, What to Buy

Sylvester Stallone — or, of course, Rocky or Rambo — might be a movie star famed for tough action roles, but unbeknownst to many, he’s also got a softer, artistic side too as a prolific painter, and enjoys transforming his houses into stunning homes filled with elegant decor.

While the actor continues to retain his bi-coastal residences in Los Angeles and Coconut Grove in Miami, he’s recently decided to release his golf club home in La Quinta, California on the market. The property was custom-built in the city’s golfing community of Madison Club in 2008.

With four bedrooms, five bathrooms and an interior donning a mixture of Old World Mediterranean style and Caribbean Island-influenced touches, Stallone’s 4,889-sq.ft. home embodies his Italian ancestry. Highlighted features run from the rustic wooden double front doors to the walled patio entry, the impressive vaulted foyer, an arched entrance that opens into a double-height living room complete with fireplace and more.

It’s also a home clearly meant for entertaining. Dinner parties can be hosted in multiple places from the formal dining room connected to the rear terrace, the large eat-in island kitchen to the outdoor dining spaces adjacent to the courtyard. There is also a wine room and an outdoor kitchen with private terraces for an intimate sip-and-bite.

Upstairs, the master suite with its own fireplace makes for the perfect place to cosy up in, as you catch up on Netflix via the television that rises up at the foot of the bed. The suite is also completed with a large master bath, dressing room and another private terrace, this time, with seemingly never-ending views to the mountains.

Step outside the house, past the fire pit and across the grass is where you’ll find a pool and spa for your enjoyment, accompanied by lush plantings, water features as well as a rock-strewn flowing stream that runs across the property.

Located in suburban Los Angeles, La Quinta is famed for its abundance of golf courses, and has been the host city for a number of prestigious golf tournaments over the years. It’s also a celebrity hot spot with star residents including Kanye and Kim Kardashian-West, Tom Brady and Kylie Jenner.

Want to live like Sylvester Stallone? The actor’s La Quinta mansion is currently listed with an asking price of US$3.35 million (HK$25.9 million). Interested parties can contact listing agent Josh Reef of Douglas Elliman, Beverly Hills.

(Images courtesy TopTenRealEstate.com)

As of the publishing date of this article, the aforementioned property is available for sale. We cannot guarantee that the property will be available for sale indefinitely, so please check with the listing agent for the most up-to-date information.

Cindie Chan

Insane ‘Billionaire Bunkers’ Where the Ultra-rich Will Wait Out the Pandemic

Posted in How the One Percent Live

For us, it’s the end of days. For them, an excuse for a remote destination holiday — armoured convoy included. We are, of course, referring to ‘billionaire bunkers’: those inscrutable edifices built by the one percent in order to wait out war, natural disasters, or, in 2020, a certain global respiratory infection.

Over the last decade, the ultra-rich have become increasingly paranoid about the advent of such cataclysms; and with a limitless supply of capital and ever-dwindling array of meaningful investment options, there’s more interest around a state-of-the-art luxury bunker than you’d initially think.

Here are three of the most insane examples: far from the dank, slightly bleak vibe of National Geographic’s Doomsday Preppers or the fallout shelters from cinema and video games; these allegedly indestructible structures all come equipped with pools, private cinemas and much much more.

billionaire bunkers
California-based Terra Vivos have constructed a number of bunkers available for co-share, including this one in South Dakota (roughly the same size of Manhattan).

Europa One

billionaire bunkers

Marketed as a “modern day Noah’s Ark”, the Europa One compound is California-based Vivos Group’s answer to the quintessential continental holiday home — notwithstanding a few, shall we say, upgrades. For starters, the whole structure is carved out of solid bedrock; beneath a 400-foot mountain in the free state of Thuringia (Germany). At the time Vivos originally earmarked it for modernisation, it had been a Soviet military cache — used to store Red Army munitions during the Cold War. When buyers acquire one of the Europa One bunkers (private apartments from €2 million, approx. HK$16,782,900), the typical ‘starter kit’ involves a 2,500 sq.ft. residence spread across two floors; and access to a variety of communal facilities such as a chapel and pub. Factored in to the cost of purchasing one of these modest, subterranean fiefdoms is a full-time coterie of staff and security personnel.

The Oppidum

billionaire bunkers

Whereas a majority of the existing billionaire bunkers around the globe enable multiple wealthy families to clump together (strength in numbers everyone!), The Oppidum is a strictly ‘sole owner’ proposition. And when it comes to apocalypse-proofing, it boasts some pretty mean credentials. Originally developed as a joint military installation between Czechoslovakia and the former Soviet Union, construction began in 1984. This massive, fortress-esque compound was built (in theory) to withstand manmade disasters and nuclear attack — it was the 80s, after all — but underwent extensive beautification in 2013. The price is only disclosed to serious buyers, but the lucky owner can expect what’s allegedly the ‘largest billionaire bunker in the world’ (77,000 sq ft) to be accompanied by a subterranean garden (with artificial lighting to mimic natural sunlight), lap pool, spa facilities and wine cellar. Clearly, the remodellers had their priorities in order.

The Survival Condo Project

billionaire bunkers

Given the highly specific proclivities of the ultra-rich, there’s even an underground bunker that could make Ernst Stavro Blofeld jealous. Said to be “at an undisclosed location in Wichita, Kansas,” the Survival Condo is a 15-storey facility that is built into a decommissioned Atlas missile silo. (For all you military nuts out there, that’s the first ever intercontinental projectile developed for the US Air Force). Survival Condo CEO Larry Hall describes it as “true relaxation for the ultra-wealthy,” replete with all the classic bells and whistles you’d expect, from pool and spa to Kohler bath and kitchen amenities in each unit. The project is designed to sustain 75 people comfortably for more than five years, and prices start from US$1.5 million for half-floor units at 920 sq.ft.

In a slightly unnerving twist — the mechanics of which seem tenuous at best — under a ‘crisis scenario’, the Survival Condo’s board of directors may restrict a resident’s ability to leave the bunker without first securing permission. Remain indoors — it’s for your own safety.

Randy Lai

Inside the Beckhams’ New HK$186 Million Miami Condo

Posted in How the One Percent Live

David and Victoria Beckham recently purchased a US$24 million (approx. HK$186 million condo in famed architect Zaha Hadid’s newly-completed downtown Miami building, One Thousand Museum. This will be where the Beckhams will reside since David is also the new co-owner of Miami’s new Major League Soccer team, Inter Miami CF.

Opened back in August 2019, One Thousand Museum is easily one of the most coveted properties in the city. The building sees its own private helipad, making it Miami’s single residential building accessible by air.

Modernising the Miami skyline, the building will be equipped with amenities and hospitality-focused experiences for residents and guests that will compete with some of the most luxe hotels in the world.

For instance, there’s a Sky Lounge for dining and private events, an on-premise bank vault, a nearby private beach club, wellness center, spa, spin studio, and pools — all available exclusively to residents. Click through the gallery below to check out the luxe amenities and where the Beckhams will be hanging out soon.

Austin Miao

Pharrell Williams’ Beverly Hills Mansion Can Be Yours for HK$132 Million

Posted in How the One Percent Live, What to Buy

For US$16,995,000 (approx. HK$132,045,201), you can live in Pharrell Williams’ Beverley Hills, California, estate on 14175 Mulholland Drive. Back in 2018, the Grammy winner, singer, songwriter, and producer bought the lavish mansion from movie producer and director Tyler Perry for a cool US$15.6 million (approx. HK$121.2 million).

Custom-built back in 1992, the ultra-modern abode sits on four acres of land and spans 17,475 square feet. It’s equipped with 10 bedrooms, 11 bathrooms and has a 200-foot driveway. When you step into the house, there is a mini reflective waterfall that looks onto a number of overlapping staircases with a pyramid-shaped skylight that allows for natural light to flow in. The exterior is clad in glass-and-steel, boasting luxe features, including a tennis court, waterfalls, a motor court that can fit up to 30 cars, koi ponds, and even a grotto equipped with a swim-up bar.

Take a peek inside the jaw-dropping property below.

Austin Miao

5 Luxury Private Islands You Can Own Around the World

Posted in How the One Percent Live

Everyone always dreams of owning their own private island — a slice of pure, unspoilt, one hundred percent secluded tropical paradise. From the Bahamas to Fiji and even right off the coast of the United States, these private islands can be yours for the taking — at a hefty price, of course.

Bonefish Cay, Bahamas

Located in the stunning archipelago of the Abaco Islands in the Bahamas, this exclusive first class island features five buildings totalling 15,000 sq. ft., constructed of fine materials and completely hurricane-proof. The island is littered with white-sand beaches, nature trails that wind the perimeter of the island, and a treasure trove of local flora, fauna and wildlife for bird, turtles and dolphin sightings. Don’t miss one of the best activities: deep sea fishing in the cobalt blue waters.

The Main Lodge features 5,000-sq.-ft. of living space, along with a panoramic 360-degree view of the island and the Atlantic Ocean. Entertain your guests with a professional chef-designed kitchen including a 28-ft. maple bar, indoor dining with seating for 14, and an expansive patio for al fresco dining. Three other bungalows come fully furnished, with the island accommodating 14 guests altogether with two sets of staff. As an added bonus, new owners will be given the island’s motor boats, jet skis, wave runners, scuba gear and more.

Reach Bonefish Cay via seaplane or helicopter landings on the eastern side of the island. There are daily international flights from Floria to the airports in Marsh Harbour and Treasure Cay, where you can find supermarkets, banks, hardware stores and more.

Priced at US$7,000,000 (approx. HK$54,409,880). Visit here for more info.

Emerald Coast, Porto Cervo, Italy

You’ll be hard-pressed to find a hideaway more secluded than this luxurious private island located in Porto Cervo, Italy. It’s easy to live la bella vita in this heavenly paradise, spanning a total of four hectares and surrounded by the azure sea, pristine white-sand beaches, hidden coves for swimming, juniper gardens and granite sculptures.

Spend your days lounging around the magnificent property which encompasses a variety of dwellings covering 650 square metres, staring with the 24-sq.-mtr. main abode with three double bedrooms and three en suite bathrooms, living area, dining room, kitchen, and terraces for outdoor entertaining. Set sail on the waters from the neighbouring quay with your own private yacht, then come back to a fantastic home-cooked meal to enjoy on the lengthy pier.

Price upon request. Visit here for more info.

Mai Island, Fiji

Arrive via a short boat ride from Labasa town (accessibly via daily flights from Nadi International Airport) and step onto this exclusive private island escape with fully-furnished residences. Primed for honeymooners, the tropical paradise is surrounded by soft sandy beaches, lush forest, and the aquamarine waters that Fiji is famous for. Days can be spent taking long, leisurely walks through the gardens, lush with coconut and papaya trees, pineapples and exotic flora.

Take a pair of binoculars to view the panoply of wildlife including indigenous island parrots in brilliant shades of blues and greens. Pick the local sweet peppers, then take a dip in the fresh water springs where colourful Koi fish swim. A deep water anchorage on the eastern side of the island is available for docking large yachts, from which you can go boating, snorkelling, diving and jet skiing to explore the archipelago’s wonders.

Price upon request. Visit here for more info.

Potato Island, Thimble Islands, Connecticut

States-side residents looking for their own private retreat close to home should look no further than this beautiful island right off the East Coast. A brief two-minute boat ride from the shores of Stony Creek, Connecticut, this spectacular private island is for those seeking ultimate privacy not too far from home. The island features a 3,781-sq.-ft. residence encompassing four bedrooms (two are suites), three and a half baths, kitchen, living room, and a heated granite pool and Jacuzzi.

Days can be spent sipping drinks on the spacious porch with 360-degree water views, or strolling on the well-manicured grounds including a private deep water dock. Owners can take their boat right to the mainland and back for daily excursions, or spend the afternoon snorkelling in crystal blue waters and jet-skiing. The island is located 85 miles to New York City and 135 miles to Boston, with available parking space arrangements in Stony Creek for easy access.

Priced at US$4,900,000 (approx. HK$38,085,250). Visit here for more info.

Bird Cay, Berry Islands, Bahamas

With an 8,000-sq.-ft. residence encompassing four bedrooms and three bathrooms, this private island is a picture of beauty and tranquillity, ideal for a secluded tropical escape in the heart of the Berry Islands, Bahamas. A picture of unspoilt beauty, the 250-acre tropical island is accessible via a 30-minute flight from Nassau. The island is surrounded by sand banks, with proximity to the Great Bahama Bank and the Tongue of the Ocean for fishing, sailing and scuba-diving options.

For a quick escape, Chub Cay lies just west of Bird Cay; from there, you can visit the picturesque marina, private resort club, world-class restaurants and more. Back on your base in Bird Cay, while away the days walking the sandy beaches with the crystalline waters lapping at your feet, exploring the numerous trails through fragrant citrus and coconut groves, and reading under the swaying tropical palms. New owners can also choose to build a golf course in their own tailor-made paradise.

Priced at US$26,000,000 (approx. HK$202,093,793). Visit here for more info.

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Leslie Yeh

Alternative Abodes: Unusual and Unique Homes for the Ultra-Wealthy

Posted in How the One Percent Live

A home is part of our self-image. It partly explains the way we decorate our houses or gravitate towards specific architecture and styles. No surprise, then, that the French fashion designer and entrepreneur Pierre Cardin, who was famed for his love of geometric shapes, bought a cluster of round residences in Cannes in the early 1990s, nicknamed the Bubble Palace.

The oddball complex, which is said to be worth almost US$500 million, comprises 10 interconnected pink terra cotta domes with 28 spherical rooms, three swimming pools, a 500-seat amphitheatre and several gardens. Of the futuristic yet primitive property, the 97-year-old Cardin says, “It is a place where I feel good — and round shapes have always inspired me.” He compares it to a woman’s body, because “everything is absolutely sensual”.

Spherical and organically shaped homes — specifically Flintstones-themed houses — seem especially popular these days. In San Francisco, retired media mogul Florence Fang fashioned her Hillsborough home like a colourful, larger-than-life set for Fred, Wilma, Barney, Betty and Dino, and even has statues of them on her lawn. In Malaysia, the Sultan of Johor constructed his own Flintstone house, though his version is especially ornate, decorated with shiny tiles and strewn with rich, organic-shaped wooden furniture.

There are, however, some who prefer modern luxury to the stone age — even to the extent of being able to transport their residences around the world. Instead of settling down in one place, a community of 150 families from 19 countries jointly own The World, a residential ocean liner that circumnavigates the globe every two or three years. Many of them live on the ship year-round, while others continue to be active in their professional lives, using the vessel as a second home and going aboard for three to four months at a time. 

All residents of The World enjoy a luxurious combination of luxurious accommodation and enriching travel, as well as facilities that include a 7,000-square-foot spa, six restaurants, a library, cinema, personal chefs and trainers, and a virtual golf centre that enables them to “play” on some of the world’s leading courses. Although the original inventory of residential units sold out in June 2006, some are now up for sale, including an Ocean Penthouse located in the desirable bow area of Deck 11, the highest residential level on the ship. 

Back on dry land, some super-wealthy individuals choose to live and travel in their own apartment on wheels, with luxury recreational vehicles (RVs) a growing trend. “Full-time RVing is freedom,” writes Michelle Schroeder-Gardner of the personal-finance blog Making Sense of Cents, who for several years crisscrossed the US with her husband and their dogs. “We can chase good weather, we can visit friends and families all over the country, we can wake up one morning by the ocean, and spend the night next to a snow-capped mountain.”

For the squillionaire seeking ultimate mobility and freedom, Marchi Mobile‘s US$3-million, German-built eleMMent Palazzo Superior is among the world’s most expensive and luxurious RVs, with features that include a rooftop terrace or “sky lounge,” accessed via an integrated staircase, a huge kitchen, a built-in cocktail bar, a king-size bed, a rain shower, a 40-inch TV and a fully functioning fireplace.

For those who prefer a more settled existence, there’s always the alternative of moving in semi-permanently to a luxury hotel or resort. Coco Chanel famously found one such pied-à-terre at The Ritz Paris, while Howard Hughes bought several bungalows at the Beverly Hills Hotel in Los Angeles, into which he moved for lengthy periods from time to time.

While the indefinite use of in-suite service and top-notch amenities is clearly an attraction, some long-staying hotel guests check in for other reasons — health being one of them. At Thailand’s leading wellness destination, Chiva-Som, sustainable weight management is clearly one goal, with some guests submitting to a daily routine of cardio workouts and weight training for as long as nine months. According to the resort’s head of communications, Kewalin Sukumjittanon, “We still strive to recreate familiarity, comfort and a safe haven, because these are the defining features of a home.”

And then there are those who care little for the personalised comforts of a traditional domestic existence. When many business leaders relocate these days, they check into a long-stay apartment-hotel. And usually, after a 12-month tenure or more, they move out again — at short notice and with very little hassle.“I didn’t have to return a cable box or cancel the electricity,” says finance executive Robert Wolfangel on leaving Philadelphia’s Roost Apartment Hotel, where he’d lived for more than a year. “It was painless.”

Mei Anne Foo

Billionaire’s Row: The Most Expensive Property in New York City

Posted in How the One Percent Live

In affluent metropolises across the globe, the term ‘Billionaires’ Row’ is one that gets substantial airtime, usually in reference to a street or thoroughfare on which lofty, palatial abodes of the 1 percent are erected. In New York City, the term describes a growing number of Manhattan highrises, collectively constituting the most expensive real estate in America — possibly on the planet.

StreetEasy (a leading New York online realty marketplace) calls it “an enclave around 57th Street [that has] become a symbol of the city’s increasingly stupendous riches”, but the Row has morphed over the years into a loose conglomeration of ultra-luxe skyscrapers, walkable distance to Central Park and Fifth Avenue. It’s a common misconception that the boundaries are demarcated on 57th Street. More sprawl as opposed to continuous stretch, realtors generally think of it as a loose affiliation of eight towers, crisscrossing between 57th Street, 59th Street and 8th Avenue. 

220 Central Park South

Despite low physical occupancies, most of the eight towers that make up the proverbial Row have benefited from stratospheric buying power. Just this July, British rocker Sting reportedly traded in his Manhattan duplex for a US$65.7 million penthouse at 220 Central Park South — the development on the Row with the best proximity to Central Park. Details regarding most of the Robert A.M. Stern-designed tower’s listings are extremely sparse, though according to Architectural Digest, Sting’s recent acquisition features three bedrooms, five and a half baths and panoramic views of the surrounding parkland. The sale comes mere months after realtors managed to make a deal with billionaire fund manager Ken Griffin, for a US$238 million penthouse that’s now regarded as the most expensive home in America. 

The view from a bathroom inside Steinway Tower.

Of the Row’s eight towers, three are concentrated at the western end of 57th Street — surrounded by NYC landmarks such as Carnegie Hall and the Russian Tea Room. Assuming you’re descending from Central Park, your next encounter with the Row is likely to involve a development at 111 W 57th St — more commonly known as Steinway Tower. Situated atop the site that was once Steinway Hall, this 1,428-foot monolith will bear the distinction of being the ‘world’s skinniest skyscraper’ once construction wraps in 2020. Inside, the vast majority of the development’s 60 condos are comprised of full floor residences — including 20,000 square feet of amenities and a residents’ lounge complete with Steinway grand piano.


One57

Down the block from Steinway Tower you’ll find One 57 — a 90-storey high-rise that completed construction in 2013. Nicknamed the ‘Billionaire Building’, One 57 was among the first skyscrapers to catalyse development of the Row, and its residents list has the credentials to back this. Within a year of opening, Dell Technologies CEO Michael Dell had set up shop in one of the building’s US$100 million penthouses, before being joined by other members of the 10-figure club such as hedge fund guru Bill Ackman and Shanghainese billionaire investor Liu Yiqian. Competition, however, is quite literally on the doorstep: with One 57 located just a stone’s throw from 225 W 57th St — site of Extell Development’s new Central Park Tower. Upon its completion in 2020, the series of luxury condos will include a 7-floor outpost of American luxury retailer Nordstrom and is slated to usurp the title of ‘world’s tallest residential building’. 

A rendering of an home inside 53 W 53rd St.

If you taxi a few blocks south toward 53rd Street, you’ll happen across 53 W 53rd St — the southernmost facing of the Row’s gleaming high-rises. Scheduled to reach completion at the end of 2019, numerous offers for the building’s 145 units have already been made — including, reportedly, the sale of one of the development’s US$33.5 million penthouses. The location does seem at first isolated from the majority of the action on the Row, though 53 W 53rd Street’s trump card is its excellent proximity to New York’s premiere cultural institutions — MoMA and Rockefeller Centre, to name a handful.

432 Park Avenue

If you fancy a brisk jog, head northeast towards Park Avenue, home to two covetable addresses. Even a country mile away, the “basket grid” silhouette of 432 Park Avenue hovers into view. The property was previously crowned the ‘world’s tallest residential building’, before being dislodged by the still-under-construction Central Park Tower.

A rendering of Central Park Tower.

In the course of wandering further north, you’ll be confronted by 220 Central Park South — yet another Neoclassicist marvel designed by Robert A.M. Stern Architects. Resplendent in limestone cladding, the building exterior evokes Stern’s other work throughout Manhattan, and is the only Row highrise to occupy a spot in the Upper East Side — home of the Met and Guggenheim museums, and The Carlyle by Rosewood. According to Luxury Listings NYC, 520 Park Avenue offers “perhaps the highest ratio of amenity-to-unit space of any building in the city”, encompassing a range of recreational facilities suitable for both families and individuals. 

A rendering of 252 E 57th Street.

To close out your journey, heeds the words of William Douglas and go east. A three-block stroll will put you within spitting distance of 252 E 57 Street, the shortest and most decentralised of the Billionaires’ Row towers. Completed in 2017, this impressive 712-foot-tall tower channels the seamless, arboreal form of Alvar Aalto’s ‘Savoy Vase’. Interiors are suffused with a similarly splashy quality, courtesy of celebrity designer Daniel Romauldez, who is best known for working with a range of private clients including Mick Jagger and Tory Burch.

Randy Lai

The ‘Most Expensive Home on Earth’ Sold for 43% Below Asking Price

Posted in How the One Percent Live

Davide Campari-Milano SpA recently reached a preliminary agreement to sell the historic Villa Les Cedres on the French Riviera for 200 million euros (US$221 million) to an unspecified buyer for private use.

The villa was among the assets that the Italian distiller acquired with its 2016 purchase of Grand Marnier Group. The transaction is expected to close at the end of October, though there are conditions, including the departure from the house of one member of the family that controlled Grand Marnier, Campari said in a statement.

The price is below the 350 million euros at which the villa was listed through the real estate agent Savills. The company didn’t identify the buyer.

The family, called Marnier-Lapostolle, has owned Villa les Cedres in the French coastal town of Saint-Jean-Cap-Ferrat since the 1920s. Before that, the property was owned by King Leopold II of Belgium.

Surrounded by a 14-hectare (34.6-acre) botanical garden, the villa is on a peninsula that juts into the Mediterranean between Nice and Monaco. The town has long been home to the rich and famous, with homeowners over the years including Microsoft Corp. co-founder Paul Allen, composer Andrew Lloyd Webber and the Ferrero family of Nutella fame.

When Les Cedres is sold, the divestments planned after the Grand Marnier transaction will be “virtually complete,” Campari said in the statement.

Under the terms of the Grand Marnier acquisition, Campari will keep 80 million euros of the sale proceeds, with the rest being distributed to shareholders of the French drinks maker, most of whom are Marnier-Lapostolle family members.

Staff Writer