The Mar y Pins hotel in Paguera, which is up for auction.

02-02-2017Alejandro Sepulveda

The Hotel Mar y Pins in Paguera will be auctioned off. It became the property of the state as payment for the fine imposed on businessman Alexander Romanov (alleged to have been part of the Russian mafia) after he was convicted of money laundering.

The announcement of the auction was made on the Official Bulletin on Thursday, with the hotel - by the Palmira beach - valued at a starting price of 12,561,957 euros (including all fixtures, fittings, etc.) The first public tender will be on 28 February.

Romanov came to Majorca in 2010 and spent some ten million euros on acquiring and renovating the hotel and the mansion annexe. Previously owned by a Majorcan hotelier family, conversion work on the hotel brought it up to five-star rating but thirty rooms were removed. The Costas Authority insisted that they were, given their position. Once all the work was completed, there were 150 places.

In December 2013, he was arrested and sent to prison as part of the operation against the Russian mafia. He finally stood trial in May last year and accepted a charge of tax fraud amounting to 1.6 million euros. He was handed a sentence of three years and nine months. He has therefore only a few months left of his sentence. An agreement with the anti-corruption prosecution service led to his not being linked to the Taganskaya mafia.

The hotel was handed over but not the mansion, which Romanov will no doubt be able to enjoy when he leaves prison. Although the hotel has been closed, a court administrator has been taking care of its management. Its exterior is more or less perfect, except for some graffiti.

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