Brothers buy island next to Ibiza

Brothers buy island next to Ibiza

World April 9, 2018 08:00

formentera - Three brothers bought a paradise island next to Ibiza for 18 million euros.

For that amount, the Cigrang brothers from Antwerp are given S'Espalmador: a three kilometer long island.

The beautiful piece of nature is popular with chic day tourists, from Prince William to Paris Hilton.

There is one condition: the new owner can not build anything. The brothers who own the Cobelfret shipping company will therefore have to do with the two houses that currently exist. One of the houses has twelve bedrooms, eight bathrooms and three large terraces.

Technically, it is not a separate island: at low tide it is possible to walk from Formentera to S'Espalmador.

The golden beaches are considered among the most beautiful in Europe. S'Espalmador only became 'real' when Paris Hilton shared pictures of her in a mud bath on the island.

The island has been on sale since 2015. The original asking price was 24 million. That is where the Belgians got six million from. Local administrators wanted the state to buy S'Espalmador. Once upon a time, the island came to 255 euros in the hands of an Englishman in the thirties of the last century. His offspring are now making a profit.

The Cigrang family will not have had to take out a loan for the purchase. Their assets are estimated at around 1 billion euros.

The Cobelfret group is not only a shipping company, it also operates port terminals and offers ferry services. They also have a substantial share of 11 percent in asset manager Bank Degroof and invested in modern art and fashion houses A. F. Vandevorst and Christian Wijnants.

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