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Forbes
9 hours ago
- Business
- Forbes
Inside The $185 Million Costa Smeralda Compound That Just Became Italy's Most Expensive Home Ever Sold
Costa Smeralda Villa in Sardinia, Italy In a historic transaction that has broken records, a massive waterfront property once owned by former Saudi oil minister Ahmed Zaki Yamani has sold for more than €160 million (US$185 million), becoming the most expensive residential sale ever recorded in Italy. Located in the small town of Romazzino on the Northern side of Sardinia's famed Costa Smeralda, the 5.7-acre compound is a stunner with 1,000 feet of private and exclusive shoreline. The estate includes two secluded beaches, two private docks, and a mooring capable of accommodating a 280-foot superyacht. In total, the extensive property consists of three villas, 28 bedrooms, 35 bathrooms, three large swimming pools, and a separate staff residence. Costa Smeralda Villa in Sardinia, Italy Aerial view of the compound featuring three massive villas Designed in the 1970s by iconic architects Luigi Vietti and Michele Busiri Vici, the villas reflect the traditional Sardinian style with whitewashed walls, terracotta floors, and red-tiled roofs. Vietti's signature style is reflected in two of the villas, where his clean, modern lines blend perfectly with the lush surroundings. The compound was first owned by Henry Ford II, grandson of automotive pioneer Henry Ford, and was later acquired by former Saudi oil minister Ahmed Zaki Yamani. Yamani, who acquired the home in 1974, died in London in 2021 at the age of 90. It was during his ownership of the compound that the area was transformed into one of the most fortified residences in the world, including a no-fly zone. It was often referred to as Italy's version of Camp David. One of the compounds three pools Vast areas of grassy lawns fronting the sea at the compound Shiekh Yamani was reported to have lived on his superyacht, moored directly in front of his compound. When he would have lunch or dinner in his residences, he would have his staff prepare the tables in all three homes until he decided where to go, all purely for security reasons. The property has three main villas, each with a guest residence, gardens, outdoor pool, and beach access, and a separate staff house with a total of 32,292 sq ft living space. The compound features a collection of architectural marvels designed by some of the most acclaimed architects of their time. Despite intense speculation, the identity of the new owner remains unconfirmed. Local residents and the press suggest that the buyer is an American crypto billionaire, though Sotheby's International Realty, which represented both the buyer and seller, has declined to comment. I recently spoke with Marco Alberti, Head of Sales for the Sardinia office of Sotheby's International Realty, to find out why Costa Smeralda is so popular with international buyers—and what lies ahead for luxury real estate in the area. 'The area offers a meticulously curated blend of world-class amenities,' Alberti explains. 'In addition to its natural beauty and architectural exclusivity, Costa Smeralda now features an impressive lineup of new luxury developments, restaurants and hotels like W Mandarin Oriental, and Forte. They join longstanding icons like; the Romazzino by Belmond, the Pitrizza by Cheval Blanc, and the Cala di Volpe by Marriott's Luxury Collection.' 'Costa Smeralda also boasts one of Europe's most prestigious marinas and yacht clubs, a championship sea-view golf course, and private beach clubs reserved for elite clientele,' he adds. 'With its blend of discretion, luxury, and heritage, it's no surprise the region remains a magnet for global investors and discerning second-home seekers.' Villa Balmoral, a magnificent waterfront property in the Bay of Porto Cervo 'A major draw for families investing in summer residences here is the region's unparalleled combination of safety, privacy, and exclusivity, offering a serene alternative to the crowded tourist hotspots of southern France and Spain,' says Alberti. 'The nearby countryside villas (15 minutes from the sea) with high end finishings, designer layouts and elegant furnishings are also definitely on the rise in requests. Villa Montecanaglia, just about to be launched on the market with an asking price of €9.8 million euro, is a very good example of this type of elegant high end country villa.' 'Waterfront properties in Costa Smeralda and its surrounding areas are among the most valuable and sought-after in the Mediterranean because properties cannot be built on the Italian coast any longer.' he adds. The Tiger Bay Estate in Punta Volpe, Porto Rotondo Several new off market previews from Sotheby's include: 'Many buyers are drawn not only by the region's beauty and quality of life, including its 'Blue Zone' health benefits, but also by Italy's favorable tax regime. The €200,000.00 flat tax policy for foreign residents has proven attractive for international buyers considering a fiscal move to Italy.' says Alberti. Villa Certosa, the Silvio Berlusconi's home in Sardinia. While the sale price is the most expensive ever seen in Italy, another Sardinia home is valued at more than double its price—the Villa Certosa belonging to former prime minister Silvio Berlusconi's heirs. With its 2,800 acres, Villa Certosa is one of the most famous real estate properties in Sardinia, made known by the former Prime Minister and leader of Forza Italia Silvio Berlusconi. The villa is located in Porto Rotondo. The five children of Berlusconi, who died in 2023, have agreed to sell the property, with reports indicating a sale price of up to 500 million euros. The villa offers 68 bedrooms, a 2,000-sf garage, and an additional 174 parking spaces. There are unusual features like the "cave of the stars," a boat landing carved into the rock, allowing guests of the villa to access directly from the sea through a basement. There are four bungalows, a movie theater, a greenhouse, a gym, a thalassotherapy room, and a huge organic garden. The property features multiple swimming pools, football fields, an amphitheater, and a massive park. costa smeralda
Arab News
08-05-2025
- Business
- Arab News
Book Review: ‘Oil Leaders' by Dr. Ibrahim Al-Muhanna
Dr. Ibrahim Al-Muhanna's book, 'Oil Leaders: An Insider's Account of Four Decades of Saudi Arabia and OPEC's Global Energy Policy,' offers a detailed narrative of the oil industry's evolution from a Saudi perspective, drawing on the author's four decades of experience. Published in 2022, the book coincides with global energy crises triggered by the COVID-19 pandemic and the Russian invasion of Ukraine. Al-Muhanna relies on data from OPEC, the International Energy Agency and interviews to provide an anecdotal biography of key figures who shaped oil politics, targeting a broad audience including policymakers, researchers and industry professionals. The book is divided into 11 chapters, beginning with the influential role of Saudi Oil Minister Ahmed Zaki Yamani, whose overconfidence and perceived indispensability are critically examined. Subsequent chapters highlight other pivotal figures, such as Hisham Nazer, Yamani's successor, and delve into events such as the 1991 Gulf War. The narrative also covers Luis Giusti, of Venezuela's PDVSA, whose disregard for OPEC quotas sparked tensions, and discusses OPEC's struggles with production cuts and falling oil prices in the late 1990s, which led to economic crises in oil-exporting nations such as Saudi Arabia and Venezuela. Al-Muhanna explores the political ramifications of oil price fluctuations, noting how high prices influenced US presidential elections and shaped diplomatic interactions, such as George W. Bush's visit to Riyadh. The book also examines the rise of Russia under Vladimir Putin, the privatization of Saudi Aramco as part of Vision 2030, and the roles of contemporary leaders such as Saudi crown prince Mohammed bin Salman and former US President Joe Biden in shaping global energy policy.
