A Paris mansion has been put on sale with a price tag of $140 million, making it the second most expensive property currently listed on the world market.

The nearly 28,000 sq. ft. property has 12 bedrooms and 12 baths along with four staff apartments.

Offered by Christie’s Great Estates affiliate Daniel Féau, the ultra-exclusive estate was built in 1912 for the Duchesse de Montmorency.

Paris’ world-famous luxury Crillon hotel has been sold to Saudi investors linked to the royal family for around 250 million euros ($446 million).

US-based Starwood Capital is in the final stages of the sale which does not include a reportedly 100-million-euro programme needed to modernise one of the world’s oldest luxury hotels, according to the daily Le Figaro.

The Kempinski Hotels group is to manage the Crillon, the paper said, but the new acquisition would be its first in France.

The Crillon, built in the 18th century on what would become the Place de la Concorde, has 147 rooms and suites and employs around 360 people.

Luxury house Chanel, with its flagship store in Paris on Rue Cambon, will move its existing store on Avenue Montaigne to a larger space on the same boulevard.

Chanel gets back the surface previously occupied by Jean-Louis Scherrer. The new space covers a surface of 1.000 sqm and will be open late 2011.

Chanel is to donate the exhibition pavilion designed by Iraqi-born British architect, Zaha Hadid, to the Arab World Institute.

The pavilion showcased artworks by contemporary artists inspired by Chanel’s iconic 2.55 handbag in 2008.

Chanel will thereby perpetuate this work designed by one of the greatest contemporary architects.

Range Rover is to become the latest auto brand to enter the world of pop-up art, commissioning a series of installations on the streets of Paris.

The four installations have been created by French artists to celebrate the launch of the Range Rover Evoque at the Paris Motor Show.

The concept is reminiscent of the London tattooed ice sculpture unveiled by Nissan and celebrity tattooist Henry Hate to mark the UK launch of the Nissan Cube in February this year.

French luxury designer Louis Vuitton kicks off the promotion for the 2011 edition of their renowned City Guide.

In this lovely video (below), we are introduced to the mouth-watering Parisian delicacy: the Saint-Honoré pastry.

Since 1998 Vuitton has been giving us their views on fashion, design, the arts and gastronomy. Each guide highlights the latest trends and offers unique advice.