The sale of Skorpios, a private island on the Ionian Sea, off the western coast of Greece is being reviewed by the Greek State Legal Council after Yiannis Michelakis, a member of the New Democracy Party raised doubts about the sale complying with the will of owner, Aristotle Onassis.
According to Bloomberg, Michelakis first raised the question to Yannis Stournaras, the Finance Minister of Greece who in turn referred the matter to the legal council of the state. Michelakis claimed that Onassis's will stated that if the family is unable to maintain the island it should be handed over to the state.
However, just a month back, the property market was abuzz with Ekaterina Rybolovleva, the 24-year-old daughter of Russian billionaire and investor, Dmitry Rybolovleva, buying the island for an undisclosed amount from Onassis' granddaughter, Athina Onassis Roussel, the sole surviving heir of late shipping magnate Aristotle Onassis.
Various Greek media reports have estimated the value of the island to be somewhere around the range of $150 million. In early 2000, the property was valued at around $200 million, before recession hit the continent.
While some sources confirm the sale, some state that the island is still under contract for sale.
The Proto Thema reports that renovation work has already started on the island. Many objects on the isle are being removed and disposed off. Small cars and few other items used by Onassis and his grandchildren were being moved to a recycling factory in Larissa and the dumps were being filled with scrap metal.
It is still unclear if the sale has been finalized or not. Plus, it was also then speculated that the deal would probably be a long lease. The council will be looking into the transaction as requested by the minister.
About Skorpios:
Onassis purchased the island in 1962 for around $20,000 only. Sitting off the west coast of the Greek mainland, Skorpios spans 74 large acres in the Ionian sea. Currently, the island has three residences, a helipad and a boat quay all built by Onassis. The heavily forested island also happens to be the venue where he famously wed former first lady, Jacqueline Kennedy. Onassis is buried on the island along with son Alexander and daughter Christina.
After his death, the isle was passed on to Christina and then to Athina. The island had been the subject of a real estate acquisition scuttle for long now. Celebrities like Bill Gates, Madonna and Giorgio Armani had expressed interest in purchasing the island.
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