The majority ownership Privilege Ibiza has been purchased by Bahía de San Antonio S.A.
The buyers are owned by Grupo Empresas Matutes, who also own the Palladium Hotel Group, which includes Ushuaïa Ibiza Beach Hotel and Hard Rock Hotel Ibiza amongst its portfolio.
While the exact amount hasn’t been made public, Bahía de San Antonio S.A is estimated to have paid €20 million for the 55% of shares owned by José María Etxaniz, as reported by Diario de Ibiza. As a result, they now own all shares and retain control of the property.
In a statement sent to Mixmag, a Grupo Empresas Matutes representative confirmed: “After many years of litigation, Bahía de San Antonio S.A has acquired the shares owned by José María Etxaniz of the company Baltanxa S.A, owner of Privilege, within a judicial process.”
Etxaniz had previously been critical of ventures owned by Bahía de San Antonio S.A, stating: “They will end up closing all the nightclubs, from Amnesia to Pachá, because every corner of this island is a nightclub.”
Etxaniz and GEM have been in a legal dispute over the sale since 2018.
Due to the condition of the club, which was reported British tabloid, The Daily Mail, there is no way it could possibly be open this season. Add to this, the venue having its license suspended in 2018 for illegally modifying the structure to facilitate more capacity.
What will become of what was once the world’s biggest club? Will we see a blossoming return from Privilege in 2023? Will se see something completely different in its place? We’re sure it won’t be long before the rumour mill starts turning.