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Campari completes ‘Villa Les Cèdres’ sale

Published:  31 October, 2019

Campari Group has completed the sale of its Saint-Jean Cap-Ferrat mansion - Villa Les Cèdres’, netting €80m in the process.

The house came into the group’s ownership through the acquisition of Grand Marnier in 2016.

The sale price of the property is €200m. However, under the terms of the acquisition agreement, any sum netted above €80m 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 €350m, and is said to be 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 14ha of land.

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

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

Earlier this week, Campari Group reported strong organic sales growth of 6.9% for the nine months to 30 September.

Sales hit €1.3bn for the period, with earnings before interest and tax up 9.9% on a like-for-like basis to €288m, with pre-tax profits up 10% to €259m.