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(Bloomberg) -- Christian Candy, one of the developers of the One Hyde Park luxury apartment project in London’s Knightsbridge district, sold a villa on the French Riviera at an almost 30 percent discount to the original asking price, according to a person familiar with the matter.
Candy sold the Villa L’Horizon in Saint-Jean-Cap-Ferrat, among France’s most expensive locations, to an undisclosed buyer for about 25 million euros ($28 million), said the person, who asked not to be identified because the deal is private. He reduced the cost from an initial asking price of 35 million euros, the person said.
Gilly Thomson, a spokeswoman for Candy’s CPC Group Ltd., declined to comment. A spokeswoman for Knight Frank LLP, which arranged the sale, also declined to comment.
With a population of just over 2,000 people and about 500 residencies, Cap Ferrat is one of the most expensive residential real estate markets on the French Riviera alongside Monaco, Antibes and St.-Tropez, said Alex Balkin, who’s responsible for the region at Savills Plc.
French property prices have fallen by about 10 percent since former President Francois Hollande took office in 2012 and boosted real estate taxes, according to high-net-worth mortgage broker Enness International.
Investors are returning since the election of Emmanuel Macron, though, with prices of “super-prime” Riviera property having climbed as high as 150 million euros, said Balkin at Savills.
“What Macron will do regarding property taxes is still uncertain, but his stance will be no more severe than that of Hollande,” Balkin said. “His election has removed the political uncertainty that was holding many investors back from the market.”
Christian Candy, 42, and his older brother Nick rose to prominence developing and furnishing luxury homes in London. The One Hyde Park development, with SAS-trained security guards, secured some of the highest prices ever paid for apartments in the U.K. capital.
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