Spanish island snapped up by Luxembourg family for €18 million

El Pais – 22.03.2018

The 800-meter wide islet in the Balearics has passed into private hands after local authorities failed to secure funding for the purchase

S’Espalmador, a small private island in the Balearic Islands, has been sold to a Luxembourg family for €18 million. Under the terms of the sale, the owners must observe state and regional law, which prohibits any type of construction on the nature reserve. The island had been on the market for months but the Balearic regional government and neighboring Formentera authorities say they were unable to purchase it because the asking price was too high and they had no financial support from the Spanish government.

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