Listing of the Day
Location: Monte Carlo, MonacoPrice: €45 million (about $50.9 million)
Monaco on the Mediterranean Sea, where the sun is always shining and there is very little crime, or taxes, has one major downside — the majority of homes are apartments.
In the tiny, well-heeled principality bordered by southwest France, there isn’t a lot of room to spread out, and the market is hot. Property changes hands, on average, once every 37 years, according to real estate brokerage Savills.
So Villa La Vague offers a rare opportunity to own a big, traditional family house, within walking distance of the famous Monte Carlo Casino Gardens.
“There are only a finite amount of villas in Monaco, whose market is heavily weighted to apartments,” confirms listing agent Edward de Mallet Morgan of Knight Frank. “Built at the end of the 1800s and beginning of the 1900s, they are in Belle Epoque style, and because there are so few they are protected by H.S.H Prince Albert.”
The home’s views are also protected, so Villa La Vague will always enjoy unobstructed panoramas of the still blue sea.
Usually these rules can also make it difficult for buyers to make additions to their homes. But in this property’s case, planning permission has been granted to transform the four-story, four-bedroom house into a six-story, six-bedroom modern mansion, topped with a rooftop swimming pool. (The listing price includes the property only. The buyer will pay extra for the additions, which are optional.)
The Stats
The un-modernized villa measures roughly 5,720 square feet. The proposed plans will bring the home to more than 7,600 square feet, with six bedrooms and staff accommodations. There will be close to 2,400 square feet of terrace space.
Design Pedigree
The existing villa’s architecture is typical of that found along the Riviera, with tall, narrow shuttered French windows opening onto balconies. It is however “a little tired,” says Mr. de Mallet Morgan, which is not unusual for properties in Monaco. “There’s been so much demand that sellers have not had to update and renovate their homes to sell them.”
The London-based design house, Morpheus, drew up the proposed plans for the new home. The sellers — an international family that lived in the villa for many years — commissioned the firm to create a design concept that would complement the existing structure.
Amenities
The house currently has few modern amenities, though it does include private parking for two or three vehicles on the lower ground floor (a rarity in Monaco), as well as a laundry room and an elevator.
The proposed plans call for state-of-the-art audio and visual technology throughout the villa, in addition to a spa, sauna, steam room and gym on the lower ground floor. There would be a rooftop terrace with a swimming pool and Jacuzzi.
Neighborhood Notes
The house sits on Rue des Giroflées, a private street next to Avenue Princesse Grâce, and its beach, Plage du Larvotto, which is 10 minutes from Casino Gardens. Monaco is small enough that residents can easily wander from one end to the other, and visit its bars, restaurants, high-end shops and hotels. Improvements to the town’s infrastructure are being made, and the area is proving to be more popular than ever with the uber wealthy.
Agent: Edward de Mallet Morgan, Knight Frank
Write to Listing of the Day