Pablo Picasso’s $265 million home sells to wealthy international financier

He was known for pushing boundaries in the art world, but most people would also call the price tag of Pablo Picasso’s French mansion an abstract concept.

Listed for $US200 million (about $265 million), the Spanish artist’s final home was sold to a Brunei financier this month — although the official sum paid for the 35-room manor has not been disclosed.

For context, the asking price was nearly four times that of Australia’s most expensive real estate deal; James’s Packer’s $70 million mega-mansion sold last year.

Rayo Withanage, chairman of investment syndicate Scepter Partners, announced the purchase of the high profile estate L’Antre du Minotaure (the Den of The Minotaur) on Friday.

Mr. Withanage declined to say how much he paid for the estate, though he said it was less than the listed $200 million price tag, according to the Wall Street Journal.

The historic home, near the town of Mougins in the south of France, was listed for $US220 million ($290 million) in 2013, despite having been purchased only five years earlier for €10-€12 million ($14 -$17 million).

A “tastefully and sympathetic” renovation was the reason given for the price hike — 15 times what was paid in late 2007.

The provencal manor, where Picasso created many of his late works before his death in 1973, includes ten bedrooms, eight bathrooms, a pair of swimming pools, a tennis court, expansive gardens, a guest house, and a guard house.

Picasso personally designed the house and the gardens, and the estate retains original art and furniture.