Chapter 476: Real Estate Development
Historically, Robespierre was known for being somewhat extreme in his actions, but the fact that he was called "The Incorruptible" speaks volumes about his integrity. When the Jacobins came to power, he effectively became the de facto leader of France and was genuinely dedicated to the welfare of the people—or at least, that's what he believed. He never used his power for personal gain.
Additionally, Robespierre had a bit of an anti-rich sentiment. Considering all these traits, Joseph believed that Robespierre was the ideal candidate to oversee the tax system—there was no one better suited for the job.
When Robespierre heard this, he seemed both relieved and a bit deflated. "Your Highness, although I don't have any experience in tax administration, if you require it, I will do my utmost to fulfill this duty. However, I don't believe the position will be as… perilous as you described."
"No, you're underestimating the danger of this role," Joseph replied. "You will face threats, intimidation, and possibly even violence. Of course, more often than not, you'll be dealing with bribery and attempts at corruption."
Seeing Robespierre still confused, Joseph explained his plan to abolish the tax farming system and the vested interests involved. "Currently, all taxes across the country go through these tax farmers—over 500 million francs. They will do anything to keep their hands on that money."
Now, Robespierre grew tense but still resolutely declared, "Your Highness, rest assured, I will not be intimidated by any threats."
Joseph nodded with satisfaction. "You will be working alongside Count Foulques—oh, he's the newly appointed director of the Tax Bureau—to help establish the national tax system."
Foulques had been an emergency appointment as Minister of Finance after Carona was dismissed. He only held the position for three weeks before Brienne took over. Although Foulques was highly skilled in financial matters and loyal to the crown, Joseph knew he needed someone like Robespierre to keep an eye on him to ensure everything stayed on track.
Joseph continued, "You should be very familiar with tax laws, but you will need some training in finance and tax procedures. You'll spend the next three months at the Paris Police Academy's School of Economics, where you can also get to know your future subordinates."
"Yes, Your Highness, I will follow your instructions." Robespierre then seemed to think of something and asked, "Did you say the Police Academy?"
"Yes, the Police Academy. You'll also undergo training in marching and command. And after your appointment, your subordinates will all be equipped with swords and firearms."
Robespierre grew even more nervous at this.
Joseph then personally took the new Tax Bureau Inspector to Versailles to meet the Minister of Finance and the Director of the Tax Bureau, thereby officially endorsing this politically inexperienced young man.
It was already past 3 PM when they left Versailles.
As Joseph's carriage entered Paris, he suddenly remembered the need to raise funds and said to Eymard, "Let's go to the Palais-Royal. I want to check out the 'Starlight Garden'."
"Yes, Your Highness."
The so-called "Starlight Garden" was a real estate project near the Palais-Royal, promoted using the popularity of the World's Fair. Joseph hadn't paid much attention to it before, but upon returning from Silesia, he learned that sales were not going well.
Given the urgent need for funds, he knew they had to capitalize on this lucrative real estate opportunity.
Joseph got out of the carriage at the perimeter of the "Starlight Garden" and looked up at the residential complex, which had been developed from what was once the garden of the Palais-Royal. This area was one of the first in Paris to install gas lamps, and it was located right next to the western wing of the Palais-Royal, which had been converted into a commercial district. With hospitals, schools, and other facilities readily available, sales should have been excellent.
After all, the "Royal Garden" near the Tuileries Palace had sold out almost immediately. But according to Brienne's report, only a fifth of the units in "Starlight Garden" had been sold.
The sales manager of "Starlight Garden" soon learned that the Prince had arrived and hurried over with his team to greet him.
After the formalities, Joseph immediately brought up the issue of the unsold units.
"You're right, Your Highness. There are indeed many wealthy nobles," the sales manager said, bowing slightly as he walked beside Joseph. "But the homes here are much more expensive than those in 'Royal Garden'."
The list price for units in "Royal Garden" was 60,000 francs, with actual sales prices around 70,000. In contrast, "Starlight Garden" was listed at 100,000 francs, and they had to offer discounts down to 95,000 francs just to make a sale.
The sales manager continued, "People think that 'Royal Garden' will eventually install gas lamps as well, so they're holding off on buying here, hoping the prices will drop…"
Joseph frowned. Real estate markets are the same in any era—people are more inclined to buy when prices are rising and hold back when prices are expected to fall. This was why sales had stagnated.
After a brief moment of thought, Joseph instructed the manager, "Pick the most prominent house and hang my crest on it. Then, make an announcement in the newspapers that 'the most expensive and luxurious residential area in Paris' has only 10 units left. Remember, don't make it an advertisement; have journalists write it up as a news story. Emphasize that only the most distinguished individuals can live here, and that the prices will never drop.
"After that, implement a lottery system for all potential buyers. Only those who win the lottery can purchase a home, and the price will increase by 1,000 francs each month—no negotiations."
"A lottery?"
"Yes, a kind of drawing, but make it more elaborate. For example, have buyers draw numbered balls, and only those who draw a specific pattern of numbers within three tries can purchase a unit."
The sales manager was a bit taken aback. "Your Highness, what if the buyers get frustrated and leave…?"
"Let them go," Joseph smiled. "Afterward, you can quietly offer them the chance to buy a spot in the lottery for 2,000 francs."
After all, it was just a little over a hundred units. Wealthy people across France and even all over Europe had their eyes on this place. With a few modern marketing techniques like "hunger marketing" and "concept marketing," it would be surprising if the units didn't sell out.
The "Starlight Garden" project only used about a quarter of the Palais-Royal Garden's land, and there was still space for a second phase. If all units were sold, the net profit could reach 20 million francs!
Next would be developing the land near the Louvre, the area between Versailles and Paris, and even the woodlands behind Versailles could be turned into residential communities.
Versailles was home to tens of thousands of nobles, each with very little personal space. It was about time to improve their living conditions.
All the effort put into organizing fashion weeks, the World's Fair, installing gas lamps, and boosting Paris's prestige was ultimately aimed at profiting from real estate.
(End of Chapter)
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