Cannes Villa Valued at €45 Million Seized Amid Owner's Debt Crisis
The luxury property previously hosted celebrities like Beyoncé and Jay-Z and is now up for auction due to a significant financial liability.
A luxury villa located in Cannes, valued at €45 million, has recently been seized by authorities due to the substantial debt of its owner, Oliver Dean Marley.
The property, named Alang Alang, is situated four kilometers from Cannes city center and 24 kilometers from Nice Airport, offering panoramic views of the sea and mountains.
The villa features nine bedrooms, nine bathrooms, a 1.10-hectare plot of land, a swimming pool, a gym, a spa, a wine cellar, a dance studio, and a cinema.
It has become a notable rental property, bringing in approximately €156,250 per week, as reported.
Visits to the villa were conducted last Friday ahead of an auction scheduled for Thursday, March 27, at the Grasse judicial court.
The starting price for the auction has been reduced to €40 million, lower than the initial valuation.
Oliver Dean Marley, a 54-year-old English property developer, reportedly owes €29.2 million to Barclays Bank.
He has set a sale price above his debt in hopes of making a profit despite the predicament.
The villa will be sold with the current occupants, including Marley and two guardians along with their families.
The winning bidder will have the right to evict the debtor without the need for legal proceedings, according to reports on the matter.
In the past, this property gained significant attention when it hosted high-profile guests, including music stars Beyoncé and Jay-Z, highlighting its status as a coveted luxury destination.
The property, named Alang Alang, is situated four kilometers from Cannes city center and 24 kilometers from Nice Airport, offering panoramic views of the sea and mountains.
The villa features nine bedrooms, nine bathrooms, a 1.10-hectare plot of land, a swimming pool, a gym, a spa, a wine cellar, a dance studio, and a cinema.
It has become a notable rental property, bringing in approximately €156,250 per week, as reported.
Visits to the villa were conducted last Friday ahead of an auction scheduled for Thursday, March 27, at the Grasse judicial court.
The starting price for the auction has been reduced to €40 million, lower than the initial valuation.
Oliver Dean Marley, a 54-year-old English property developer, reportedly owes €29.2 million to Barclays Bank.
He has set a sale price above his debt in hopes of making a profit despite the predicament.
The villa will be sold with the current occupants, including Marley and two guardians along with their families.
The winning bidder will have the right to evict the debtor without the need for legal proceedings, according to reports on the matter.
In the past, this property gained significant attention when it hosted high-profile guests, including music stars Beyoncé and Jay-Z, highlighting its status as a coveted luxury destination.
