Buzz: Montenegro as the “Monaco of the Balkans”

We've reported on Montenegro, the jewel of the Adriatic, as an up-and-coming destination and future coastal "it" spot. Indeed, Amanresorts is restoring the resort island of Sveti Stefan as a glamorous vacation spot for A-listers. Now Luxist has the skinny on schemes to make Montenegro the next Monaco:

A group of billionaire investors including Oleg Deripaska (Russia's richest man) and LVMH chairman Bernard Arnault are backing a scheme to turn Tivat, a derelict port and ex-Yugoslav naval base in the former communist country of Montenegro, into the next playground for the megarich.

Porto Montenegro, aka "Monaco of the Balkans," will be home to a "marina for the oversized yachts of the rich and famous." Four Seasons is even planning to open a luxury property there. Russian oligarch Roman Abramovich has his sights set on a nearby beach for his own luxury resort.