Real estate project in Monaco: an entrepreneur claims 164 million euros from the principality before the ECHR

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The European Court of Human Rights (CEDH), based in Strasbourg, confirmed to AFP that it had registered the request on Monday. It will now have to determine whether it is admissible.

Contacted by AFP, the Monegasque government stated that it had *”taken note”* of the request, without further comment. In 2020, the Supreme Court of Monaco had condemned the Monegasque State to pay this company a sum of 136 million euros, plus legal interest from 2018, for abandoning a large-scale real estate operation known as “Esplanade des Pêcheurs.”

Launched in 2014, this operation was supposed to lead to the construction of the Center for Mankind and the Sea, a museum intended to house the collections of the underwater archaeologist Franck Goddio at the port of Monaco. However, after the 2020 conviction, an agreement was reached to revive the project, and Caroli Immo had waived the compensation in exchange for a schedule to start the construction work.

But according to the company Caroli in this request seen by AFP, the company *”was forced to abandon the project (…) following numerous appeals filed by companies belonging to another Monegasque entrepreneur, against whom the State of Monaco did not take action, Mr. Patrice Pastor. “* Caroli Immo unilaterally terminated the amicable agreement with the State in October 2023, thus reversing its waiver of the contentious compensation.

This request comes against the backdrop of a battle for market share in real estate construction in Monaco, with the Pastor company seeing its dominance challenged by its main competitors.

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