Three Bedrooms for €60 Million Shows Monaco’s Dirty Money Headache

Standing on the windswept balcony of the expansive apartment in Monaco’s Mareterra development feels a little like being on a superyacht heading out to sea. The unobstructed view of the Mediterranean stretches to the horizon, the pale ash floors evoke a ship’s deck, and fresh breezes keep things cool even on the hottest summer days. The other thing the flat shares with a floating luxury palace: its price. Listed at more than €60 million ($70 million), the three-bedroom home costs more than many billionaires might spend on a sumptuous schooner or cruiser.

Those prices haven’t stopped the world’s ultrawealthy from snapping up Mareterra properties since they were first listed while still under construction in 2017. The 114 waterfront homes initially sold for €16 million to almost €500 million, and they would now likely cost even more. That makes Mareterra one of the most expensive and exclusive addresses on the planet, with views of the winding Grand Prix circuit, just a 10-minute walk from the storied casino and a few minutes farther from the yacht harbor.