France sells-off le family silver: Cash-strapped country puts its opulent New York properties up for sale in desperate bid to balance the books



France's national debt expected to hit almost €2trillion by the end of the year

Seven-floor, 16,000 sq ft apartment block in New York once used by diplomatic staff goes on market for $32.5million



It follows sale of ambassador's residence overlooking Central Park which sold for $70million earlier this year



French Government has an estimated € 190billion worth of state-owned property in Europe

2,150 state-owned properties currently being sold on government website




France is resorting to selling off many of its most prestigious and valuable properties in a desperate bid to raise funds and keep its national debt under control.

With France's total debt expected to hit almost €2trillion ($2.7trillion) by the end of the year and President Francois Hollande's government hoping to save around €50billion ($67billion) over the next three years, state-owned properties across the world are having to be offered up for sale.

The latest property to go on the market is 1143 Fifth Avenue in New York - a stunning seven-floor, red brick and limestone block in central Manhattan once home to many of France's top U.S. diplomats.



Up for grabs: This seven-floor apartment block in Manhattan, New York, which was once used to house French diplomatic staff is being offered for sale for $32.5million

Covering 16,000 sq ft, t he imposing block was built in 1923 and has an asking price of $32.5million ( € 24million) . It consists of five apartments each boasting an impressive 1690 sq ft as well as a stunning eight-room duplex offering a huge 2712 sq ft.



Viewings are understood to have started in April and it is believed that a buyer has already been found as the official authorisation for the sale was granted last week by France's Office Journal, the Daily Telegraph reports.

It follows the sale earlier this year of the luxurious 18-room French ambassador’s residence at 740 Park Avenue which was reportedly snapped up by an American financier for a cool $70 million (€52 million).

Once dubbed the world's 'richest apartment building' the block was once home to Jacqueline Kennedy and John D Rockerfeller. The 18-room, 7-1/2 bath duplex apartment featured five fireplaces was reportedly used to host parties on an almost daily basis.

Its sale resulted in some embarrassment for France's new ambassador to the UN, Francois Delattre who is yet to find a new place to live after his plan to buy a a palatial 14-room Art Deco flat overlooking the East River were blocked by one of the current residents.

New York City socialite Elizabeth Kabler reportedly upended the sale because she didn't like the idea of a French ambassador moving in and throwing too many parties.



Fearful of too many guests, constant entertaining and of a neighbor who fancies himself above the law, Kabler waged a biter campaign to urge her fellow stakeholders to block the sale of the 14-room co-op to French , or any foreign emissaries.



Sold: An 18-room apartment at 740 Park Avenue, overlooking Central Park, previously used as the French ambassador's residence was reportedly snapped up by an American financier for a cool $70 million earlier this year

Famous residents: Once dubbed the world's 'richest apartment building' the block was once home to Jacqueline Kennedy and John D Rockerfeller

Homeless: The sale of the apartment at 740 Park Avenue means France's new ambassador to the UN, Francois Delattre s yet to find a new place to live

In a letter sent to fellow residents she wrote: 'It is not in the interests of the residents of River House to cohabit with foreign emissaries who are, to a large extent, beyond the reach of the law.'



France has an estimated € 190billion worth of state-owned property in Europe, more than any other country. A government website is currently listing some 2150 properties that are currently up for sale or in the process of being sold , indicating the scale of the sell-off.

Among the prestigious properties that have already been offered for sale are Louis XV's hunting lodge at La Muette outside Paris and Chateau Thonon-les-Bains by Lake Geneva in the French Alps.

France is not the the only country looking to cash in on state-owned properties. London in particular has seen scores of embassies or diplomacy related buildings sold or considered for sale in recent months.

The trend was started by the US government which sold its embassy in grosvenor Square to the Qatari royal family — for an estimated £500 million.



Canada recently sold its Mayfair embassy for £306milion - more than six times the value placed on it just 14 years ago.

The Brazilian embassy, on Green Street, Mayfair, fetched £40 million, with one agent describing the diplomatic market as a 'goldmine'.









