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Pablo Picasso’s French Riviera Estate Sells for $24 Million

November 4, 2017

Pablo Picasso’s French Riviera Estate recently sold for $24 Million. According to Forbes, the property was purchased on October 12, 2017 by Rayo Withanage, a Fiji-born, New Zealand real estate businessman. The estate was to be auctioned off by Residence 365, an affiliate of Christie’s International Real Estate; however, there was only one bidder present at the auction. With a starting price of $24 million and only one bidder, the home was purchased at the opening bid price. See Forbes article

Located in the hills above Cannes, the Villa Notre Dame de Vie at Mougins belonged to Pablo Picasso and where he spent his last years. According to a Mansion Global article from September, the property was renovated and well maintained by previous owner, Tom Moeskops. Although the residence has many modern conveniences, the renovation ‘remained faithful to the home’s features when Picasso owned it’. The property features a main house, guest house, caretaker’s house for a total of 15 bedrooms and 12 bathrooms. Picasso entertained many celebrities at the home including Winston Churchill who enjoyed visits spent painting. The estate dates from the 18th century and belonged at one time to the Anglo-Irish Guinnes brewing family. See Mansion Global article

The property was being auctioned on behalf of the Dutch Achmea Bank, creditor of the former owner who went into bankruptcy. A bank attorney stated that ‘the selling price was a disappointing bargain because it is worth at least $30 euros ($34.89M USD).

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