Finance Tycoon Buys Pablo Picasso's French Riviera Mansion for $24M
Pablo Picasso's picturesque mansion perched atop the hills of Côte d’Azur has just been purchased by financier Rayo Withanage. The Provincial style home dubbed Mas de Notre Dame de Vie is where the modernist artist worked and lived from 1961 until his death in 1973.
The sale of this stunning 18,800 square-foot home has been quite the rollercoaster ride due to French real estate laws.
Mansion Global reports that the property was purchased for $22.21 million in June, but French law dictates that another buyer can swoop in within 14 days of the sale if the bid is 10% higher than the former and if a 10% bank guarantee is provided. New Zealand native Withanage did just that.
In an auction Thursday to give others a fair chance to outbid him, Mr. Withanage's offer was met with no new bidders and now the finance top dog has two months to pay the remaining 90% of his 24 million purchase.
The mansion, located near Cannes in a village called Mougins, has much to offer the new owner. Sitting on eight acres of lush land, the house was restored by architect Axel Vervoordt in 2007 to reflect modern luxury while keeping it's charming original details. The lavish home has something for every whim, including a professional size tennis court, pool, summer kitchen, spacious gym, and a 5,000 bottle wine-cellar to name a few.
Hans Veenhuijsen of Residence365 had the dream listing.