Spain in crisis, Luxembourg family buys island for 18m euros

Under the terms of sales, owners must respect state and regional law, which prohibits any kind of construction in natural reserves.

The island had been on the market for a long time but the regional government of Balearch and the neighbours of the Formentian authorities were unable to buy it, because the price demanded was too high and they had no financial support from the Spanish government, reports “El Pais” Transmission Periscope.

So far, Séspalmador was owned by Norman and Rosy Cinnamond, who inherited it years ago from their grandfather Bernard Cinnamond, a British man who bought it in 1932 for 42,500 fives (about 255 euros today) by Ibiza Carlos Tur.

The island lies in the natural park Ses Salines, which contains 137 acres [137 ha], with a stretch of two miles [3 km] and a length of 500 feet [800 m].

In view of its position as a reservoir of nature, S'Espalmador is subject to narrow controls that forbid any construction to occur.

In fact, all swimming trips on the island have been halted, and popular mud baths and tourists have also been banned.

In 2016, the Cinnamond family for 18m euros offered him to sell Fortimera government.

Now, for the amount of 18m euros, it will be passed into the hands of a family from Luxembourg, who are of “knowing about the island's rules. ”/Periscopi/