Insolvency proceedings: René Benko's Megavilla could become a hotel
The insolvency administrator of the Laura Private Foundation is examining the conversion of the 60 million euro "Villa N". The property was once Benko's private residence - and can hardly be marketed in any other way.
Innsbruck is considering converting former billionaire René Benko's luxurious Villa N into a hotel. This scenario is part of a redevelopment plan currently being prepared, according to Insolvency Administrator Stefan Geiler. Villa N, which cost at least 60 million euros to build, has proven challenging to market despite its prime location in Innsbruck.
The property, which Benko constructed a decade ago on a 6000 square meter site formerly occupied by the demolished Schlosshotel, boasts lavish amenities. Geiler estimates the running costs at around 500,000 euros per year if fully operational, but suggests this could be reduced to approximately 18,000 euros monthly if only essential services are provided.
The villa is owned by the Laura Privatstiftung, a foundation founded by Benko, which reportedly has around 50 subsidiaries and 100 properties in Germany, Austria, and Italy. The insolvent foundation may face claims from creditors totaling about 1.3 billion euros, Geiler explained. The insolvency proceedings are expected to continue for several years.
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