A French buyer has acquired a luxurious Parisian palace that was previously owned by the Moroccan royal family for a sum of between €17 and €18 million. The palace, located on Rue Maurice in the upscale neighborhood of Neuilly-sur-Seine, boasts a total living area of 1325 square meters and was built in 1925. The property features a panoramic view of the Bois de Boulogne and the Louis Vuitton flagship store.
The palace, described by real estate agents as a "rare gem," offers a unique combination of spacious interiors, natural light, and a prime location in one of Paris' most exclusive neighborhoods. The property was initially listed for sale at €20 million, but the sale price was negotiated down due to the discreet nature of the transaction. The sale marks the end of the Moroccan royal family's ownership of the property, which had been part of their real estate portfolio since the reign of the late King Hassan II.
According to Sandra Sabah, director of the Engel & Völkers real estate agency in Hauts-de-Seine, properties of this caliber and location rarely come up for sale, with the agency estimating that such opportunities arise only once every decade. The palace features nine bedrooms, 16 bathrooms, and a beautifully landscaped garden covering 245 square meters, set on a plot of land measuring 569 square meters.
The property comprises four levels, with the first two floors dedicated to reception areas and the upper floors reserved for private quarters, including eight suites, each with its own bathroom and dressing room. The palace also features two levels dedicated to leisure and wellness, including a gym, Turkish bath, and spa facilities. Despite its impressive specifications, the property required significant renovation work, which may have deterred some potential buyers.
The sale of the palace marks a significant transaction in the Parisian real estate market, with the property's unique combination of history, architecture, and location making it a highly sought-after asset. The buyer, who remains unnamed, is believed to have secured a rare opportunity to acquire a piece of Parisian history, with the palace having been owned by the Moroccan royal family for many years.
The Moroccan royal family's decision to sell the palace is seen as part of a broader effort to rationalize their real estate portfolio, following the death of King Hassan II. The sale is also reflective of the current market trends, with high-net-worth individuals seeking unique and exclusive properties in prime locations. The transaction is expected to have a positive impact on the Parisian real estate market, with industry experts predicting a surge in interest in similar properties.
The palace's new owner will inherit a property that requires ongoing maintenance and upkeep, but offers a unique opportunity to own a piece of history. The property's value lies not only in its monetary worth but also in its cultural and historical significance, making it a truly unique acquisition.
Key points
- The palace was purchased for between €17 and €18 million.
- The property features a panoramic view of the Bois de Boulogne and the Louis Vuitton flagship store.
- The sale marks the end of the Moroccan royal family's ownership of the property.
