Prince Albert piles on the pressure surrounding Monaco’s Anse du Portier investor
Prince Albert of Monaco is rumoured to be investigating the investors involved in the Anse du Portier development, according to weekend reports.
The €3bn (£2.6bn) Anse du Portier development will increase the principality’s landmass by an estimated three per cent and is scheduled to be completed by 2025.
The new build will include 120 luxury apartments, 10 villas and a seaside promenade, making it one of the most expensive residential areas in the world.
Properties are expected to sell for around €150,000 per square metre, according to The Sunday Telegraph.
The development was approved by Prince Albert II and is being funded by a group of private investors led by Patrice Pastor, a property developer with an estimated fortune of €30bn.
Meanwhile, Albert has expressed uncertainty around the investors behind the project, including Bulat Utemuratov.
Sources in Monaco told The Sunday Telegraph there is an investigation into Utemuratov, which will undoubtedly stir tension between the Prince and Pastor.
According to Wikileaks: “The origins of Utemuratov’s wealth have been questioned for years with a US diplomatic cable describing him as a “a billionaire who has never had a business”.
Spokespeople for Utemuratov deny any wrongdoing, but it still remains a point of tension for the Monaco royal.