British Billionaires Buy Ibiza Beaches

British Billionaires Buy Ibiza Beaches

LAST UPDATED: 11 July, 2015 @ 3:31 pm

Sunny-BeachBILLIONAIRES David and Simon Reuben have purchased 6.3 kilometres of central beachfront property in Ibiza.

Obtained for the bargain price of €3.5 million from local family Gallart Sans, the properties acquired include Port des Torrent, Cala Conta and Cala Bassa.

The Reuben brothers have expressed their intention to renew the planning licences for the area, which had lapsed under the area’s previous owners, and plan to build luxury beachfront developments.

Many Ibizans have expressed concerns over this intended destruction of natural sites, and favorite hangouts such as the Sunset Ashram, a bar and restaurant on the Cala Conta beach famous for its incredible sunset views.

The Reuben brothers, who acquired the majority of their fortune through their early investment in the Russian metals industry through their company Trans-World Metals, now invest primarily in real estate and venture capital. This purchase is their first major venture in Spain.

The government of San Josep, the largest municipality in Ibiza, has stated that receiving permission to build will be very difficult, due to the protection of areas within their properties, and that the brothers will have to abide by the building laws and restrictions.