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Campari nets €80 million from property sale

Published:  01 August, 2019

Campari Group is to receive €80 million from the sale of a mansion in Saint-Jean Cap-Ferrat in the south of France, the company has revealed.

The house, known as the Villa Les Cèdres, came into the group’s ownership through the acquisition of Grand Marnier in 2016.

The sale price of the property is €200 million. However, under the terms of the acquisition agreement, any sum netted above €80 million is to be paid to the shareholders of Société des Produits Marnier-Lapostolle, the former owner of Grand Marnier.

The property was originally listed for sale at €350 million, according to Bloomberg. The media reported the listing as “The world’s most expensive house”.

The Villa Les Cèdres was built in 1830. It extends to some 18,000 square feet and sits within approximately 14 hectares of land.

The sale of the villa takes Campari’s earnings from the sale of Grand Marnier’s non-core assets to around €173 million.

The adjusted acquisition price for Grand Marnier, taking into account this latest transaction, is €479 million.