Antoine Arnault Buys 25 Billion Won Villa
Residents Tired of High Prices and Tourists Permanently Relocate
Antoine Arnault, the eldest son of Louis Vuitton Mo?t Hennessy (LVMH), has purchased a villa in Saint-Tropez, a luxury vacation spot favored by France's ultra-wealthy, but local residents are opposing the move, drawing attention to the underlying issues. From the residents' perspective, rising prices and an influx of tourists are making daily life increasingly difficult, and they are not welcoming this development.
On the 16th, Bloomberg reported that Antoine Arnault, eldest son of LVMH, bought a $19 million (25 billion KRW) villa in Saint-Tropez, France. The villa, which includes a standalone 100-pyeong (approximately 330 square meters) house, a surrounding 1,200-pyeong (approximately 3,960 square meters) plot, and a swimming pool, is located in a neighborhood called Les Parcs in Saint-Tropez, far from the tourist center and with a separate entrance. Bloomberg added, "Les Parcs is home to some of the most expensive houses in Saint-Tropez."
Saint-Tropez became famous in the 1950s as a vacation spot for celebrities such as Brigitte Bardot. Bardot even released a song titled "La Madrague," named after her villa. The town is also nicknamed "the village where you see celebrities faster than catching sea bass by fishing."
Recently, actors and luxury yacht owners have been returning to the area, reviving it as a "luxury vacation destination" for the ultra-wealthy. Notably, other neighbors in Les Parcs, where Antoine Arnault's villa is located, include his father Bernard Arnault, chairman of LVMH, and Mohamed Al-Fayed, chairman of Ritz Paris.
However, local residents are not pleased with the news of LVMH's heir moving in. Earlier, The Guardian reported last year that "Saint-Tropez has become an LVMH village," pointing out that "local residents are suffering due to the influx of global super-rich." Many restaurants, hotels, and cafes in the area have already been acquired by Bernard Arnault and transformed into places like the Dior Caf? and the beach club "LV by the Pool."
The soaring real estate prices driven by the influx of the ultra-wealthy are also a problem. The Guardian emphasized, "Residents live here year-round, while the wealthy stay only a few weeks in summer, yet many locals have chosen to permanently relocate due to the sharp rise in property prices."
Henry & Partners, a company that sells foreign citizenships, has also selected Saint-Tropez as a hotspot for super-rich individuals who buy villas and other properties but do not reside there. According to a Henry & Partners survey, over 100 people with disposable incomes exceeding $100 million (133.2 billion KRW) visited Saint-Tropez villas last year, but only 11 lived there year-round. Sylvie Siri, mayor of Saint-Tropez, told local media, "Residents have already been forced out of their apartments and will soon be driven out of restaurants, unable to dine out."
Previously, the Les Parcs area became controversial when its association president installed a private COVID-19 testing site for residents during the pandemic. At a time when it was difficult to get tested across France, this effectively created an exclusive testing center only for Les Parcs residents. This led to harsh criticism from Saint-Tropez residents outside Les Parcs.
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