London has been pushed off its top spot by Monaco as the most expensive place to buy residential property, with the UK capital and surrounding counties suffering some of the biggest price falls in the world.

Monaco, where prime property is being sold for €50,000 ($68,000) per sq m (your average 1,500 square foot apartment would theoretically run you $10 million), is now followed by London, at €28,000 per sq m, then Manhattan, at €16,500 per sq m.

The Wealth Report, compiled by Citi Private Bank and Knight Frank shows that property values fell 17 percent in London and 25 percent in Hong Kong.

Source: Financial Times

The Mediterranean city state of Monaco has shelved a multi-billion-dollar scheme to expand into the sea because of the global economic crisis, its ruler Prince Albert II said Tuesday.

Albert said Monaco had been forced to drop plans to build a huge artificial peninsula, which had been compared to Dubai’s island developments.

“In the current climate it would be irresponsible to launch a project of this scale,” the prince told AFP in an interview, explaining that the project had fallen short of its funding and environmental protection goals.

Vogue Paris’s year-ender/year-starter issue features Princess Stéphanie of Monaco on the cover shot by Mert Alas and Marcus Piggott.

Here’s some photos from the editorial wearing the ‘gym’ look from Louis Vuitton’s Spring/Summer 2009 collection. Her beauty and elegance is timeless, a characteristic she got it from her mother, Grace Kelly.

There are more photos and editorials from Vogue Paris December 2009/January 2009, so grab a copy now!

Feel like dressing like royalty? Or even having a taste of royal life? Then look no further than the Mont Charles de Monaco collection!

Mont Charles de Monaco - Mont Charles means Monte Carlo in French - one of the first high fashion labels to originate from the prosperous Principality, has just revealed its signature collection of sensual handbags, as part of a coordinated plan to revive Monaco’s glamorous identity.

“Monaco has always been synonymous with style and sophistication” explains Founder & CEO John Mclean, in a reference to the luxurious Mediterranean nation made famous by Princess Grace and the Monaco Grand Prix.”But we need to remind the world of this, and add a modern twist”.

The antonym of vintage has to be the newest spark of an idea in motion. Such is the case with Russo-Baltique Vodka; yet to be tasted and to appear in public, further fuelling the hype and Über-curiosity for this version of the delectable spirit.

A myth in the making, what is known is the inspiration behind it. Powered by passion for the finer and unique things in life this enigmatic and exclusive vodka is the brainchild of armour, combat car maker Russo-Baltique, DARTZ.TV Corporation in collaboration with Princess Regina Abdurazakova of Kazakhstan oil heiress fame.

The world’s most expensive vodka will be released on April 19 at the Top Marques Monaco and Prince Albert will be honoured with a gift of the very first bottle of this connoisseur creation. Reportedly priced at one million Euro ($1,35 million) we assume it chills on ice,

The lunch was organized yesterday (October 10th) at the Louis XV restaurant, at the Hôtel de Paris, located Place du Casino - Monte Carlo (the most expensive in the district).

Fortis, which was bailed out on Monday, sent an invite for 50 to participate in a “culinary event” at the most expensive three-Michelin-star hotel where the bill runs in most cases to over 3000 euros ($4,500) per person.

Seems like they are doing it in all the countries and not just AIG insurance in America although they spent considerably more $500,000 on luxury spas and dinner just days after the government bail out.

And you, what did you have for lunch?