In brief

Caroli affair: Prince Albert gives go ahead for contested real estate project

Monaco sentenced to pay €150 million in property development dispute
Caroli Immo

On September 7th, the Palace announced that the Caroli real estate project can be revived. However, the new project will be “on a reduced scale”.

It would appear that negotiations have been fruitful after all. At the end of June, Antonio Caroli, CEO of the Caroli Immo Company, said he was “willing” to seek an amicable solution with the government. Following a property dispute, the Principality was expected to pay Antonio Caroli 150 million euros after it abandoned the vast real estate and cultural project on the Esplanade des Pêcheurs. Caroli has now renounced this amount.

Protecting the interests of the Principality

On September 7th, Prince Albert II of Monaco said he wanted to “find an amicable solution which would protect state finances and the interests of the Principality”. Following discussions with Pierre Dartout, the new Minister of State, and Stéphane Valéri, President of the National Council, the Sovereign decided that the real estate project could be relaunched

“S.A.M. Caroli Immo will renounce the initial project for a project on a reduced scale. Above all, the new project will have to guarantee that enough space is kept, to ensure the continuation of the Formula 1 Grand Prix and to preserve access to first-aid outlets,” the Palace stated in its press release. The new project will include a private building, along with state-owned apartments, offices for port employees and a museum dedicated to Man and the Sea.

In exchange for the approval of the project, Caroli Immo “will renounce the payment of the compensation awarded by the Supreme Court”. The definite terms and conditions of this amicable solution are yet to be outlined.