Jeanne Calment's longevity turns real estate deal into financial loss

In 1965, in Arles, France, a notary named André-François Raffret entered into a life annuity agreement with his neighbor, Jeanne Calment, who was nearly 90 years old. The contract stipulated that Raffret would pay Calment a fixed monthly sum until her death, after which ownership of her apartment would transfer to him.

While the investment seemed logical based on the average life expectancy of the late 1960s, Calment lived far longer than anticipated. She eventually became the longest-lived person ever recorded, passing away in 1997 at the age of 122 years and 164 days.

Because the agreement remained in effect after Raffret’s death in 1995 at age 77, his widow continued the monthly payments. Ultimately, the total amount paid by the Raffret family far exceeded the original market value of the apartment.