The Monaco family behind some of the tax haven’s most expensive property developments has entered the London market, spending £100m on prime London residential property.
Jacopo Marzocco is a third-generation member of the family that built the Tour Odeon skyscraper in Monaco, where the penthouse recently had a price tag of £250m.
His company, Real Estate, Design & Development, or Redd, opened a London office last year, to let super-prime rental residences to the really rich. It has now bought a £100m portfolio in Mayfair, Knightsbridge and Belgravia, including a £15m mansion block in Mayfair that was once the headquarters of a Greek shipping dynasty.
The higher rate of stamp duty has made super-prime rental a more financially attractive option for those wanting a luxury postcode.
