MIPIM 2009

Extensive coverage from this years global property market MIPIM, that took place in Cannes 10 - 13 March. Exclusive video report, News, Blogs, an interview with leading architect Norman Foster and reports on London Mayor Boris Johnson's visit. With the global property market in turmoil, find out what the experts predict.

Property developer Bourne gives up on Cap Ferrat luxury spa project  RivieraLife.tv 18 Oct 09 British property developer Robert Bourne has announced that he is giving up his project to build a luxury hotel and spa complex on Saint Jean Cap Ferrat, and is putting the land back up for sale. Bourne's plans provoked protests as they involved the closure of the zoo at the end of September. The zoo had been located on the land for almost 50 years. Bourne confirmed that he is ready to re-sell the land at the price he paid following a meeting with St. Jean Cap Ferrat mayor René Vestri at the Grand Hotel du Cap last Wednesday (14 Oct 09). The meeting followed threats of legal action by the neighbouring commune Villefranche (see below), which could have blocked any development for several years. An earlier offer by Villefranche to buy the land was subsequently withdrawn. St. Jean Cap Ferrat mayor Vestri now says that he will approach the state owned coastal conservation institution (Conservatoire du littoral) with a view for them to join a consortium to acquire the land for around €20m and appoint a suitable management team for a probable re-opening of the zoo. Many of the animals have already been located to destinations around France amid allegations that their transport conditions violated the law.

Villefranche tries to save Cap Ferrat Zoo  RivieraLife.tv 09 Oct 09 The town of Villefranche is attempting to save the zoo on St. Jean Cap Ferrat. The zoo was closed 30 Sept 09 to make way for the construction of a luxury hotel & spa complex following the acquisition of the land last year by British property developer Robert Bourne from the Véolia company that operated the zoo. Villefranche mayor Gérard Grosgogeat announced that a treaty between the commune and the local water company, Compagnie générale des eaux de la ville de Villefranche-sur-Mer, dating back to March 1867 designates the land as being under Villefranche’s jurisdiction.

The Nice Matin newspaper quotes the mayor’s assistant Jean-Pierre Mangiapan as saying, “Having examined the documents we are requesting the cancellation of the sale contract and have notified Véolia and Mr. Bourne’s advisors that we are examining our rights over the deal.” Amongst the options being examined by the town of Villefranche is a buy back of the land at the price paid by Bourne, plus 50% of his costs. If the offer is refused then legal action to cancel the sale may be pursued which would block any development of the land until it is resolved. A town council meeting Wednesday evening approved possible legal action, however this would also block any possible re-opening of the zoo in the meantime.

Property developer Robert Bourne to shut Cap Ferrat Zoo for luxury spa RivieraLife.tv 16 Sep 09 Five hundred Cap Ferrat residents are facing eviction at the end of September. They are the animals at the local zoo who are making way for a new €112 million luxury complex. The zoo's fate was sealed when it was acquired by British property developer Robert Bourne. He is a renowned patron of the arts, along with his wife Sally Green. Through a trust they operate the Old Vic and Criterion Theatres in London. He also owns Ronnie Scott's Jazz Club. His company Bourne Capital also own a new luxury hotel, Le Grand Bleu in St. Tropez.

Locals have protested the demise of the much loved zoo. Established in 1949, it attracts 150,000 visitors a year. One local commented "The zoo is being sacrificed on the altar of a London millionaire's caprice." The new luxury spa complex will include a hotel and a plastic surgery centre. The zoo which covers an area of 16,000 msq was sold to Bourne Capital last November by Véolia for a reported €11 million. Local mayor René Vestri described the closure of the zoo as 'regretable' adding that he cannot interfere in private business deals. Nice mayor Christian Estrosi is reported as saying, "I will be keeping a close eye on the development to ensure that it respects local environmental regulations."

Bernie Madoff's Riviera Assets

Last year people who had never met Bernie Madoff were queuing up to invest their wealth with him on the promise of secured returns. This year he is the scourge of the investmet world. The big question is how he got away with his $50bn 'Ponzi Scheme' scam for so long. Now US authorities want to seize his assets. His property on Cap d'Antibes is relatively modest valued at $1.6m. Madoff's $7m yacht 'Bull' is moored in the South of France.

Le Provençal Delayed By Property Market Crash

This massive project in Juans les Pins was slated to open in 2010 with local developers confident that the global property crash would not touch the Cote d'Azur. However, rumours abounded that the project had ground to a halt and even that it was unviable in the current economic climate. To address these rumours, Provençal Investments SA issued a press statement announcing that the project was now 'due for completion 2012'.

Dictators Properties on the Cote d'Azur

The Cote d'Azur has housed a motley crew of dictators and despots. In this section we feature the properties of the late President of Gabon, El Hadj Omar Bongo; Zaire's former dictator Mobuto Sese Seko; Iraqi dictator Sadam Hussein and Belgian King Leopold II.

Russian Oligarchs

Russia's post-Communist super rich businessmen, commonly referred to as the 'oligarchs', have become a fixture on the Cote d'Azur. Many have bought, and sold, some of the most prestigious real estate on the French Riviera. We look at some of the recent deals that have hit the headlines.