Read Full Verion Here: Alan Sugar Bags a Cheap Spanish Property · Costa Del Sol Mijas Info
Alan Sugar the British entrepreneur who made his fortune in the computer business has made the purchase of the century. Mr.Sugar who stars in the UK version of the apprentice, has managed to buy a hotel in the Costa del Sol valued at €39,000,000 for a staggering €3,000,000!
The Byblos Hotel is in the Mijas area of southern Spain was owned by the troubled Aifos group, who purchased the hotel in 2005 and spent something in the region of €40 million renovating the place. Unfortunatley Aifos filed for bankrupcy last week and the hotel was put up for auction.
Amsprop Spain S.L., Mr. Sugars property investment vehicle made the bid and unless it is bettered over the next 10 days, the Byblos will be his. If the deal goes through it makes it one of the most cheap Spanish property purchases seen during the current economic climate.
There are a number of signs pointing to the bottom of the market being in sight as more distressed property funds are being created. The Times announced at the weekend that a prospective distressed real estate vehicle being created by ex-Land Securities director Mike Hussey was currently looking for backers. The fund will be looking in both the UK and Europe for below market value real estate and will have around £500m in spending power.
Article Source: Alan Sugar Bags a Cheap Spanish Property · Costa Del Sol Mijas Info