Monaco sentenced to pay €150 million in property development dispute
The Supreme Court, Monaco’s highest court, ordered the State of Monaco to pay Caroli Immo €137 million plus interest over the abandoned Esplanade des Pêcheurs project.
Based on the long-awaited decision, the Monegasque State will have to pay €150 million to the Caroli Immo company after they abandoned the vast real estate and cultural project on the Esplanade des Pêcheurs.
Signed in 2014, the project was due to lead, among other things, to the construction of two museums, an apartment building and premises for shops, bars and restaurants. The cost of the works was estimated at €500 million.
It was a project that would never see the light of day due to conflicting interests amongst some of Monaco’s most important entities.
“The developper was unable to guarantee the compatibility of his project with the organisation of the Grand Prix”, declared Minister of State Serge Telle in Monaco Matin last October.
Following the suspension of the project, Antonio Caroli had therefore retaliated by taking the matter to the Supreme Court and asking for the sum of €800 million in compensation.
In addition to this, Franck Goddio, the founding president of the European Institute of Underwater Archaeology, which is in charge of building the Centre for Man and the Sea, also claimed €180 million.
On Thursday June 25th, the Supreme Court ruled that the Monegasque State had to pay €150 million to Caroli Immo. Franck Goddio’s application was not passed.
“This sum is correct, even if it does not correspond to what had been requested. It makes up for the damage caused,” reacted François-Henri Briard, the lawyer representing Antonio Caroli, to local daily Monaco Matin.
The penalty is all the more costly given the current economic crisis.
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