During the past few years Armenian oligarches have transferred a significant portion of their capital from Armenia. Several of them have been captivated by the charms of France and many have purchased apartments and homes in Paris. Gagik Tzaroukyan has also bought real estate in the French capital. The largest transactions have been conducted by Hrayr Hakobyan and Parliament Deputy Tigran Arzakantsyan.
In October 2007 Mr. Hakobyan purchased the Châtenay chateau and its grape vineyards for 4.8 million Euros. The 40 hectare expanse once belonged to the well-know Gregoire family and includes the castle, vineyards and a vodka distillery.
