In a bid to reduce its public debt, the French state has been selling off parts of its extensive real estate portfolio for several years.
As the owners of some real historical gems, sales of such assets can produce significant amounts of capital which help boost the French economy. As a result of this policy, a prestigious property has recently come onto our books, and it’s not just any prestigious property, it’s the famous Palace of Versailles! We are extremely proud to announce that Sextant has been chosen, along with two other agencies, to sell parts of this legendary palace.
According to Insee (the French National Institute for Statistics and Economic Research), public debt reached over €2000 billion in 2015, equal to 97.5% of French GDP. Hence why France really needs to balance the books and why selling off its assets is such a popular scheme. France has a very impressive housing stock, both in France and abroad. Indeed, with more than 25,000 properties this constitutes a total value in excess of €60 billion (£47 billion). For private buyers, it is a great opportunity to purchase an unusual property such as former barracks, military sites, castles, convents, etc.
Of course, the Palace of Versailles is so much more than just an unusual property, it is a symbol of France’s history and if you are passionate about history, it will be difficult for you to ignore our newest instruction. A favoured royal residence from Louis XIV to Louis XVI (17th – 18th century), the Chateau de Versailles was developed by several generations of architects, sculptors and landscape gardeners. To the envy of fellow European monarchs, it represented the perfect royal residence for more than a century.
With a total floor space of 67,000sq m 2,000 rooms, 2,513 windows, 352 fireplaces, 67 staircases, 483 mirrors, this property’s features are simply unrivalled. As you may have already seen if you have previously visited the palace, the decadent interiors are typical of the era: crystal chandeliers, tapestry and gold mouldings will dazzle you. Outside, the park extends over almost 2000 acres including two French style gardens (the Petit Parc and the Trianon), 26 miles of paths, 372 statues and 55 ponds.
With an average price of around €5,500 per square metre in Versailles, the selling price of the whole property would amount to at least €370 million! You cannot buy the whole palace; it has been split into lots meaning you have the opportunity to buy your own room in Versailles next to the apartments of Marie-Antoinette.
Chinese investors have already shown a lot of interest in this unique investment. Limited by property legislation at home, wealthy Chinese buyers often buy abroad and, of course, their favourite destination is Paris. Over the past 5 years, many chateaux, apartments, mansions and vineyards have been purchased by Chinese investors. Furthermore, Chinese businessmen are often on the look-out for prestigious places to meet their clients. What business meeting location could be more impressive than the Palace of Versailles?!