“A renaissance is taking place at the exclusive Spanish resort of Formentor where super rich newcomers are arriving and property prices are on the move”
(PRWEB UK) 18 July 2014
According to a survey published today by Villas International, a leading Mallorca based real estate agent, prices in the exclusive enclave of Formentor are on the rise as the super-rich start to buy again. (see survey results http://www.villasinternational.net/survey.html)
Tim de Rosen, a leading developer of ultra luxury Mediterranean homes is selling his own home, a 10,000 square foot spectacular glass fronted mansion with direct sea access and outstanding views across the Bay of Formentor towards the iconic Hotel Formentor.
Formentor is located in the north of the magnificent holiday island of Mallorca a short distance from the Spanish coast and has long been the favored destination of the rich and famous.
The resort and its’ luxury centerpiece hotel were founded in1929 by the Argentine playboy and artist Adam Diehl.
Guests at the Hotel, many of whom were personal friends of Diehl’s have included King Edward VIII of England, Sir Winston Churchill, Charlie Chaplin, F Scott Fitzgerald, the Aga Khan and HSH Princess Grace Kelly of Monaco.
Today Formentor is called home by at least thirty of the world’s richest men and women including Liliane Bettancourt, the L’Oreal heiress, TV magnate Richard Desmond, the Spanish tycoon Alberto Cortina and Pablo Picasso’s billionaire grandson Bernard. The most recent entrant to this hallowed club is the New York based distressed debt investor Howard Marks of Oaktree Capital.
Marks bought his fifteen thousand square foot waterfront estate from the Mexican multi-billionaire Placido Arango in a $19 million transaction. Marks has subsequently gutted his new home, known as La Posada which is located next to the house being sold by Tim de Rosen.
The advent of value seeking investors such as Howard Marks is a strong indication that prices in Formentor are set to leap and move to a par with other similar resorts such as France’s Cap d’Antibes, Cap Ferrat and Palm Beach, Florida.
Full details and contact information for Tim de Rosen’s home in Formentor can be found at http://www.formentorvilla.com
*Survey conducted between July 1-7, 2014 by Villas International