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 the former residence of ex-billionaire René Benko into a hotel, according to the insolvency administrator of Laura Privatstiftung, Stefan Geiler. The "Villa N," which cost at least 60 million euros to build, is situated on a nearly 6000 square meter plot in Innsbruck-Igls, having been constructed by Benko around a decade ago on the site of a demolished "Schlosshotel."
The property boasts a highly luxurious design, with Geiler estimating monthly operational costs to be around 18,000 euros if fully operational, down from the initial figure of 500,000 euros per year. Currently, only the bare minimum is being done to reduce the monthly operational costs. The villa is owned by the Laura Privatstiftung, founded by Benko, which reportedly has around 50 subsidiaries and 100 properties in Germany, Austria, and Italy.
The insolvency proceedings, as per Geiler, will likely continue for several years and face claims from creditors totaling approximately 1.3 billion euros.
Written by urgent.news from Handelsblatt's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- Insolvency proceedings: René Benko's Megavilla could become a hotel handelsblatt.com
