Isola San Spirito is an iconic island in the Venice Lagoon in Italy with a rich history. Mayfair 101 acquired it in 2018 with plans for a $500m mixed residential-tourism development. ASIC questioned if the island even existed. | Media.com

It's just a ten minute boat ride from San Marco Square

Venice is a very busy tourist town. The location of this real estate was ideal for high net worth guests and apartment owners to stay or live at.

Businessinsider

Now You Can Buy The Last Undeveloped Island In The Venice Lagoon For $38.6 Million

Mayfair 101

Public

Company

Verified

Isola San Spirito

Response

This is an old painting of Isola San Spirito in Venice Italy. According to the locals, Napoleon used to inhabit the some at the northern corner of the island!

Mayfair 101 had plans to re-build the clock tower which had been knocked down in the war and create multiple penthouse apartments within the tower.

#napoleon #history #opportunity

#venice #italy #property #iconic

Post

If the opportunity presents itself, Mayfair 101 will resume control of Isola San Spirito to continue its development. It is a magnificent asset with significant growth potential in a booming tourism location.

<h3 style="margin-left:0px;">An iconic real estate development in Venice, Italy</h3>In August 2018 Mayfair 101 acquire a 6 acre undeveloped freehold parcel of land in the Venetian lagoon, just outside Venice, Italy. We had initiated the project with a experienced international architect and engineer who had previously undertaken developments including the Abu Dhabi marina.&nbsp;Mayfair 101 representatives met with the Mayor of Venice, various town planners and heritage specialists to ensure the project had strong support, which it did.&nbsp;Mayfair 101 acquired the real estate for EURO13.8 million including EURO4 million of bank debt from a bank which was under external administration. &nbsp;The asset was purchased from 10 Italian shareholders who could not agree on their plans to develop the asset so decided to offer it for sale.&nbsp;The real estate was previously for sale with Colliers for USD38 million, more than twice the price Mayfair 101 paid for it. &nbsp;&nbsp;When ASIC attacked Mayfair 101 in 2020 a decision was made to transfer the asset to the liquidators of the IPO Wealth Holdings group so they could realise it for the benefit of the IPO Wealth unitholders. &nbsp;Since then, nothing has occurred under the control of the liquidators.&nbsp;&nbsp;This is a prime example of why the IPO Wealth Holdings group should not have gone into liquidation.&nbsp;&nbsp;Note: approximately 18 months after ASIC issued proceedings against Mayfair 101, ASIC contacted one of Mayfair 101's business partners to ask if Isola San Spirito was ‘real’. &nbsp;Mayfair 101 says it is inexcusable that the regulator conduct its investigation after causing harm to a business.

Basic info

Basic

Isola San Spirito is an iconic island in the Venice Lagoon in Italy with a rich history. Mayfair 101 acquired it in 2018 with plans for a $500m mixed residential-tourism development. ASIC questioned if the island even existed.