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It's never been in Gran Turismo. Cote d'Azur was, very specifically, not Circuit de Monaco, for very good reasons.
In addition to that, if you read back in this thread to my comments earlier about how fiercely protective the government of Monaco is about image rights - to the point of even needing a permit to take photographs as a tourist - you'll see that it's actually one of the least likely circuits to ever appear.
As far as the layout goes though it's Gran Turismo's version of Monaco for those reasons you mentioned.