Thierry Stern purchases 38 million franc villa in Cologny

Thierry Stern, the head of Patek Philippe, has purchased a luxury estate in Cologny, a wealthy suburb of Geneva, for 38 million Swiss francs. The property, located on Chemin de Ruth, is situated on one of Switzerland’s most expensive streets.

The estate consists of two buildings with over 500 square meters of living space situated on a plot exceeding 5,600 square meters. The seller is Thierry Halff, a member of the board of directors at Maus Frères, the company that owns the Manor department store chain and the Lacoste brand.

Stern has led the traditional Swiss watchmaker since 2009 as part of the fourth generation of his family. While the watch industry faces various challenges, Patek Philippe maintains a strategy of artificial scarcity, with timepiece prices ranging from tens of thousands to millions of francs. The family wealth has recently been estimated at 6.5 billion francs.