Tivat: The Next Monaco

Simo bogdanovic / Alamy

Waterfront at Tivat, Montenegro.

The old Yugoslav naval base at Tivat on the coast of Montenegro is a derelict place. Colossal jetties stretch out from an abandoned work yard piled with crumbling concrete, twisted metal rods and broken glass. In one corner, a Cold War-era submarine, its giant propeller exposed to the summer winds, is being slowly dismantled by a local crew in flip-flops. The berths are fouled with paint chips and rusted metal, and until a recent scavenging operation, explosives lay on the seabed.

The naval base may be ugly and unglamorous, but thanks to a group of high-profile...

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