The sale was confirmed by the Mayor of Mougins.
A resident of Bermuda and London, ithanage is the founder and chairman of Scepter Partners, a direct investment and merchant bank for sovereign investors.
The estate L’Antre du Minotaure (the Den of The Minotaur) is widely regarded as one of the finest properties in the south of France.
The property, which was recently lavishly refurbished under the direction of architect Axel Vervoordt, covers over three hectares, with olive groves that are over 500 years old.
The estate is the largest property of its kind in the area.
Picasso kept one of his most prolific studios in the main house, while living there with his wife Jacqueline and her daughter Cathérine.
The house and the gardens were designed personally by Picasso and retain original art and furniture. Upon his death the property housed over $1 billion in art.
Prior to Picasso, the house was owned by the Guinness family and was famed for being a regular summer holiday home for Winston Churchill, who painted a number of works on the property.
The origins of the house date back to an Abbey over a thousand years old and is presently adjacent to Notre-Dame-De-Vie which is one of the oldest churches in the region.
The gardens are nationally acclaimed in France with some of the largest wisteria trees in Europe and a species of rose cultivated by Picasso himself that only grows on the property.
Under the new ownership, the property will be commissioned for charitable purposes by local foundations and the promotion of the arts through events from which proceeds shall be donated to causes supporting sustainable development initiatives headquartered in Monaco.