American housing bubble, schmamerican schmousing schmubble.

It’s the gambling and hunting grounds for 007, “connected” Russian billionaires, American ex-pats looking to ex-pat in style (and away from prying IRS eyes), and fading pop stars with fat residuals.

It’s Monaco, where there is so much money that if you meet three locals, one of them is a millionaire.

Click the image to see a larger image of a half billion dollar penthouse.

Source: Realis/SCI Odeon

And now it may be home to the world’s most expensive penthouse, according to Blooomberg.

The Tour Odeon, a double-skyscraper being built by Groupe Marzocco SAM near Monaco’s Mediterranean seafront, will contain a 3,300 square-meter (35,500 square-foot) penthouse with a water slide connecting a dance floor to a circular open-air swimming pool. The apartment may sell for more than 300 million euros ($400 million) when it goes on the market next year, French magazine Challenges reported. That would make it the world’s most expensive penthouse, according to broker Knight Frank LLP.

“We think we can get a little bit more,” Daniele Marzocco, a director at the company, said in June. So far, the developer has found buyers for 26 of the 36 luxury homes that have been offered for sale. A car parking space at the project costs 250,000 euros, Marzocco said. That’s about 50 percent more than the median value of an existing U.S. home, according to data compiled by the National Association of Realtors.