The former residence of ex-billionaire René Benko, known as 'Villa N', is being considered for use as a hotel. The property is located in Innsbruck, Austria, on a plot of nearly 6,000 square meters in Innsbruck-Igls where a 'Schlosshotel' previously stood. The estate was built by René Benko approximately ten years ago.
Stefan Geiler, the insolvency administrator of the Laura Privatstiftung, stated that using the property as a hotel is part of a utilization concept currently being prepared. The Laura Privatstiftung was founded by René Benko.
Estimated cost of the 'Villa N' property
The Laura Privatstiftung holds significant parts of the Benko family fortune. It also plays a role in investigations by the Austrian Economic and Corruption Prosecutor's Office (WKStA) regarding the bankruptcy of the Signa real estate and retail group.
The foundation reportedly has approximately 50 subsidiaries with a total of around 100 properties located in Germany, Austria, and Italy. Creditors of the insolvent Laura Privatstiftung face claims of approximately 1.3 billion euros. Stefan Geiler stated that the insolvency proceedings will likely last for years.
Operational costs and legal context
Stefan Geiler estimates that the annual operating costs of 'Villa N' would be around 500,000 euros at full operation. Currently, monthly operating costs are approximately 18,000 euros because only the bare minimum is being performed.
René Benko has been in pretrial detention for one and a half years on suspicion of serious fraud and harming his creditors. Benko has denied all allegations. His business empire faltered due to strategic errors and higher interest rates.
