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Duke of Westminster sells stake in Paris flea market at a loss Duke of Westminster sells stake in Paris flea market at a loss
(31 minutes later)
The Duke of Westminster has sold his stake in a world famous Paris flea market at a massive loss after bitter disputes with French antiques dealers over rent costs. The Duke of Westminster has sold his stake in a world famous Paris flea market at a substantial loss after bitter disputes with French antiques dealers over rent costs.
The sixth Duke of Westminster and Britain's eighth richest man, Gerald Cavendish Grosvenor, sold the Paul Bert Serpette market in Saint-Ouen to a French businessman, Jean-Cyrille Boutmy, for a reported €25m-30m (£20.5m-24.6m) – little more than half of what he paid for it nine years ago.The sixth Duke of Westminster and Britain's eighth richest man, Gerald Cavendish Grosvenor, sold the Paul Bert Serpette market in Saint-Ouen to a French businessman, Jean-Cyrille Boutmy, for a reported €25m-30m (£20.5m-24.6m) – little more than half of what he paid for it nine years ago.
The duke became a hate figure for stallholders at the market and French traditionalists, who saw him as an example of the excesses of "Anglo-Saxon" capitalism. One critic said that "antiques dealers were treated as if they were subjects of a monarchy rather than citizens of a republic." About 150 of the 420 stallholders at the largest flea market in the Paris area took the duke to court over what they claimed were illegal charges, rent rises and non-renewal of leases. The duke became a hate figure among stallholders at the market and French traditionalists, who saw him as an example of the excesses of "Anglo-Saxon" capitalism. One critic said that "antiques dealers were treated as if they were subjects of a monarchy rather than citizens of a republic." About 150 of the 420 stallholders at the largest flea market in the Paris area took the duke to court over what they claimed were illegal charges, rent rises and non-renewal of leases.
The duke's Grosvenor Group denied that rents or charges had been raised excessively and said that it was trying to simplify an over-complicated system. The mayor of Saint-Ouen, William Delannoy, said he was pleased that the duke had gone. "He saw the flea market as a property investment and not as the acquisition of a small part of France's heritage," said Delannoy, whose family have been stallholders for nearly 40 years.The duke's Grosvenor Group denied that rents or charges had been raised excessively and said that it was trying to simplify an over-complicated system. The mayor of Saint-Ouen, William Delannoy, said he was pleased that the duke had gone. "He saw the flea market as a property investment and not as the acquisition of a small part of France's heritage," said Delannoy, whose family have been stallholders for nearly 40 years.
The new owner said he had bought the two markets "out of passion", adding that he wanted to preserve their "eclectic" character but would encourage them to "move upmarket". The market generates annual revenues of €400m.The new owner said he had bought the two markets "out of passion", adding that he wanted to preserve their "eclectic" character but would encourage them to "move upmarket". The market generates annual revenues of €400m.