# Ukraine’s Wealthiest Tycoon Acquires Record-Breaking €471 Million Monaco Residence
Rinat Akhmetov, the wealthiest individual in Ukraine, has completed what appears to be the largest residential real estate transaction ever recorded, purchasing an expansive five-story apartment in Monaco’s exclusive Mareterra district for €471 million, equivalent to approximately $554 million. The acquisition was made through the businessman’s holding company and has set a new benchmark in luxury property sales worldwide.
The extraordinary purchase involves a 21-room waterfront residence spanning roughly 2,500 square meters, or about 27,000 square feet, excluding additional outdoor spaces such as balconies and terraces that offer views of the Mediterranean Sea. The property features premium amenities including a private swimming pool, jacuzzi facilities, and parking accommodations for at least eight vehicles.
Located within the prestigious “Le Renzo” building, the apartment sits in Mareterra, a newly developed section of the principality
constructed on land reclaimed from the sea. Prince Albert II officially opened this exclusive area in 2024, which has since attracted ultra-wealthy investors from across the globe seeking premium Mediterranean real estate.
Documentation revealing the sale’s details originated from Monaco’s property records and a collection of emails and preliminary contracts examined by Bloomberg Businessweek. These materials came from Distributed Denial of Secrets, a nonprofit organization dedicated to preserving leaked and hacked information deemed to serve public interest.
System Capital Management, known as SCM and serving as Akhmetov’s holding company, acknowledged making an investment in the development but refrained from disclosing specific information regarding the property’s features or purchase price. The organization released a statement explaining that their international investment portfolio has maintained a dedicated premium real estate component for more than a decade, noting this has been publicly disclosed on numerous occasions. They confirmed that among these assets is the Le Renzo project, in which they invested during the primary market phase in 2021.
This transaction surpasses previous record-breaking residential sales, including property developer Nick Candy’s Chelsea mansion, which sold for over $350 million, and a New York penthouse purchased by hedge fund manager Ken Griffin for approximately $240 million.
Monaco has maintained its position as the world’s most expensive real estate market, a status attributed to its limited geographic size and favorable tax policies. The Mareterra development represents a decade-long construction project encompassing 114 luxury residences including villas, townhouses, and apartments arranged around landscaped gardens, a harbor, and public walkways.
The purchase agreement was finalized in 2024, though negotiations began in 2021, shortly before the 2022 Russian invasion of Ukraine. The subsequent conflict created significant disruption for Akhmetov’s business operations, including damage to energy infrastructure within Ukraine.
Akhmetov’s business empire includes ownership of the Azovstal steel complex in Mariupol, which became internationally recognized during intense fighting in the Ukraine conflict. He played a significant role in facilitating the professional relationship between Paul Manafort, his employee and associate, and Viktor Yanukovich, Ukraine’s former president whose removal from office contributed to escalating tensions between Ukraine and Russia.
According to the Bloomberg Billionaires Index, Akhmetov maintains a net worth exceeding $7 billion. His wealth stems primarily from SCM, recognized as Ukraine’s largest industrial conglomerate with diverse holdings in metallurgy, mining, energy, and real estate sectors.
This Monaco acquisition joins Akhmetov’s collection of high-value properties, including the 2019 purchase of Villa Les Cèdres on the French Riviera for €200 million. This historic estate in
Saint-Jean-Cap-Ferrat previously belonged to King Leopold II of Belgium. Additionally, in 2011, reports indicated Akhmetov acquired a penthouse in London’s exclusive One Hyde Park development near Harrods in Knightsbridge.
Properties within Mareterra have commanded prices exceeding €100,000 per square meter according to local real estate professionals. Current market listings include a three-bedroom unit priced at approximately €76 million, while rental properties with four and five rooms are available for €150,000 monthly.
Official data indicates the Larvotto district, which encompasses Mareterra, has become Monaco’s most expensive area based on estimated selling prices per square meter.