© Business Wire
© Business Wire
Picasso estate sold to Brunei financier
Property to be commissioned for charitable purposes
With much speculation over the future of the final home of the late artist Pablo Picasso, the Mayor of Mougins has finally announced that the property has been sold.
The estate, widely acclaimed as one of the finest properties in the south of France, was sold for an undisclosed sum to Brunei financier Rayo Withanage. Mr. Withanage is the founder and chairman of Scepter Partners, a direct investment and merchant bank for sovereign investors. He is also a founder of The BMB Group alongside HH Prince Abdul Ali Yil Kabier of the Brunei Royal Family.
The origins of the house date back to an Abbey over a thousand years old and it sits adjacent to Notre-Dame-De-Vie which is one of the oldest churches in the region. The gardens are home to some of the largest wisteria trees in Europe and a species of rose cultivated by Picasso himself that only grows on the property.
Under the new ownership, the property will be commissioned for charitable purposes by local foundations and the promotion of the arts through events from which proceeds shall be donated to causes supporting sustainable development initiatives headquartered in Monaco.
