The Crémaillère building site just over the border in Beausoleil is likely to remain in its present form for many more years pending further legal proceedings after the Nice Commercial Court ruled that it could not proceed with a forced sale of the property.
The 6,935 square-metre parcel was to be sold on May 27 with a starting price of 10 million euros in order to satisfy a group of creditors led by Satri, a subsidiary of Monaco’s Marzocco Group. However, the sale failed to proceed after the current owners – Over Monte Carlo – claimed that one of the five parcels of land in question had been inaccurately presented in legal documents before the court.
The very valuable site has been idle for several years.
FILE PHOTO: Jack Brodie