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Billionaire Metropoulos Denies He’d Acquire $32 Million Corfu Property

Greek-American billionaire businessman and investor Dean Metropoulos has denied a media report he was going to buy a $32 million 44-hectare property (108.7 acre) in Kassiopi on the Ionian island of Corfu.

“I can assure you that (the claim) is completely unfounded,” he said in a letter to Kathimerini, which had said he was expected to acquire the choice property that is part of Greece’s privatization program.

The property is being sold by NCH Capital, which had purchased it in 2015 for 25 million euros ($27.36 million) through a tender process from the Hellenic Republic Asset Development Fund (TAIPED).

Kassiopi is situated on the northwest coast of Corfu, 37 kilometers (23 miles) north of the city of Corfu and 12.5 kilometers (7.7 miles) east of Acharavi, a renowned tourist destination spot with rocky coasts but smaller beaches with clear waters.

The newspaper’s first report said that sources not named indicated that Metropoulos’ business plan was to develop holiday homes that would operate under an international hospitality brand, luxury resorts popping up like crocuses in the spring.

NCH Capital reportedly reached an agreement with Metropoulos after a number of fruitless attempts to sell the site, the report said. The project was designed for construction of a 5-Star hotel with 90 rooms, up to 116 tourist homes and villas of up to 800 square meters (8611 square feet.)

While parts of the project have progressed, such as the internal road network, the main construction work never started as the plan was met with legal objections from local landowners as well as from groups on Corfu.

Metropoulos was past owner of Pabst Brewing Company, which was founded by Jacob Best in 1844 and salvaged the Hostess brand of baked goods that included Twinkies as well as saving other iconic companies.

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