After 10 Years on the Market, the French Riviera’s Palais Vénitien Sells for €105 Million
Originally listed at €120 million, the sale places the property among the highest-value residential transactions on the French Riviera in recent years.
Beds: 9 Baths: 12 Interior: ~ 3,000 m² / 32,300 ft² Land: ~ 2.5 hectares / 6.18 acres
Amenities: Estate-scale property in Cannes, Venetian-inspired architecture, formal landscaped gardens, grand reception spaces, indoor and outdoor pools, cinema, nightclub, gym and wellness areas, multiple guest suites, staff accommodation, security infrastructure, and expansive grounds designed for large-scale entertaining
Nearly ten years after first being introduced to the market, the Palais Vénitien—one of the most recognisable ultra-prime estates overlooking Cannes—has sold for €105 million (approximately $114 million USD).
The property was ultimately sold by its developer, Cogemad, a developer known for highly bespoke, large-scale residential projects aimed at an international ultra-high-net-worth clientele, in a transaction first reported by Challenges. The buyer is described as an Indian billionaire who made his fortune in telecommunications, formerly based in the United Kingdom and now a resident of Monaco.
The property was developed by Cogemad, the firm founded by Emad Khashoggi, whose portfolio focuses on large-scale, highly stylised residences for an international ultra-high-net-worth audience.
Originally listed at €120 million (~$130 million), the sale places the property among the highest-value residential transactions on the French Riviera in recent years, firmly within the upper tier of Riviera deals and among the most notable sales in Cannes.
Only a small number of legacy estates—such as Villa Les Cèdres and Villa Leopolda, both widely associated with valuations in excess of €200 million—have historically transacted at higher levels.
Despite being marketed over time through several major brokerages, the sale appears to have been concluded with a high degree of discretion. As with many transactions at this level, deals are typically negotiated quietly and with limited public visibility.
A Signature Cogemad Project
The sale adds to a series of high-profile transactions by Cogemad, the developer founded by Emad Khashoggi. Known for large-scale, highly stylised residential projects, the firm has built a portfolio aimed at an international ultra-high-net-worth clientele.
Recent transactions include the redevelopment of the former Singapore embassy in Paris’ 16th arrondissement, reimagined as a Norman-style private residence and sold in July 2023 for €69 million to a Chinese buyer.
In 2024, a 669-square-metre Cogemad apartment overlooking the Champ de Mars sold through John Taylor Paris for €35 million, or more than €52,000 per square metre.
The developer’s most notable benchmark remains the Château Louis XIV, a contemporary re-creation outside Paris that transacted for €275 million in 2015, reported by the New York Times to have been acquired by Saudi Arabia’s crown prince Mohammed bin Salman. At the time, it was reportedly the most expensive home sale in modern history.
Built as a Palace Above Cannes
Set in the hills above Cannes, the Palais Vénitien occupies a commanding position overlooking the Mediterranean, with panoramic views extending across the Bay of Cannes, the Lérins Islands, and the Estérel mountains.
Developed by Cogemad, the property was conceived as a large-scale private residence drawing on Venetian and classical architectural references. Monumental columns, symmetrical façades, and fresco-style interiors define a structure designed around scale and formal composition, positioning the estate closer to a private palace than a conventional Riviera villa.
Extending to approximately 3,000 m² (32,000 FT²) of interior space, the residence includes multiple reception rooms and nine principal suites. Interiors incorporate detailed mouldings, high ceilings, and integrated systems controlling lighting, climate, and security.
The estate spans approximately 3 hectares (~7 acres) of landscaped grounds, including terraced gardens, a private lake, and a range of outdoor leisure areas. Amenities include indoor and outdoor pools, a spa with hammam, a cinema, wine cellar, and dedicated entertainment spaces—including a private nightclub, a relatively rare feature even at this level—as well as a helipad and tennis court.
Assets of this scale rarely follow conventional timelines, often extending well beyond typical market cycles. At this level, transactions are not driven by exposure or urgency, but occur when the right buyer, with the right structure, enters the market.
The transaction reflects a broader pattern among Monaco-based buyers seeking estate-scale properties in Cannes, where space and privacy remain difficult to replicate within the Principality, while also aligning with a wider reallocation of globally mobile wealth toward jurisdictions offering more favorable tax environments.
In the UK, recent reforms — including the planned abolition of the long-standing non-domiciled (“non-dom”) tax regime — have prompted a number of high-profile departures. Among the most widely reported are Lakshmi Mittal, the steel magnate behind ArcelorMittal, and Nassef Sawiris, a global investor with major stakes in construction, chemicals, and sports. Both have shifted their tax residency abroad, joining a wider migration toward destinations such as Monaco, Switzerland, Dubai, and Italy.
A similar dynamic is playing out in the United States, where prominent figures such as Larry Page, Sergey Brin, and Howard Schultz — among countless others — have shifted away from high-tax states like New York and California toward Florida and Texas, reinforcing a broader pattern of wealth migration toward lower-tax jurisdictions. Recent reports that Mark Zuckerberg is one of the latest billionaires to relocate to Florida.
All photographs belong to the developer. See more on Cogemad.
