Monaco Penthouse Sells for Over $500 Million, Setting New World Record

Monaco. A new record for the purchase and sale of the world's most expensive residential apartment has been set in the European country of Monaco.

This new world record was set after the holding company System Capital Management (SCM) of Ukraine's richest person Rinat Akhmetov purchased a 21-room penthouse in Monaco's Le Renzo building for more than $500 million.

This most expensive apartment in the world is spread over five floors and covers an area of more than 26,900 square feet. Located at the top of a special building on Monaco's coastline, this penthouse offers a captivating view of the sea.

It has 21 rooms, eight special parking spaces, several terraces with a direct view of the Mediterranean Sea, and private swimming pool and jacuzzi facilities. In addition, it is equipped with very expensive furniture and state-of-the-art 'home automation' technology.

There are various reasons for such a high price. Real estate prices in Monaco, Europe's smallest sovereign state after Vatican City, are the highest in the world. Last year, the price per square meter there was estimated to have reached about $82,300.

The Le Renzo building, which has given a new look to Monaco's skyline after decades, is itself a unique construction. This penthouse looks like a five-story palace at the top of the luxury apartment building.

Rinat Akhmetov's purchase has surpassed all previous records by a significant margin. Previously, records included the sale of Nick Candy's mansion in London for $350 million and hedge fund manager Ken Griffin's purchase of a penthouse in New York for $240 million.