High-end tourist complex expected to rent for over €1m a week

The Russian billionaire Dmitry Rybolovlev is to go ahead with the construction of a new yachting resort on the Greek island of Skorpios.

Greek authorities gave the go-ahead in December 2019, for the construction of a high-end tourist complex, to be known as VIP Exclusive Club, on the private island that was once owned by Greek tycoon, Aristotle Onassis. Onassis purchased the island in the Ionian sea, in 1983. Rybolovlev acquired Skorpios from the Onassis’ heiress for US$120 million in 2013.

Work is now underway on the complex, that will include a hotel, spa centre, 12 villas, sports complex, farm, vineyard,  ampitheater, helipad and marina that will be expanded to accommodate large yachts. Major restoration of the infrastructure is also needed. According to sources close to Rybolovlev, the island has been abandoned since 1988, following the death of Onassis’s daughter Christina.

The billionaire’s family plans to continue to use the resort and marina for themselves, and to rent out the complex the rest of the time. The rental price has not yet been determined, but, according to a representative of Rybolovlev, it will definitely exceed €1 million per week. 

The project is expected to be completed by 2024.

Russian businessman and investor, Rybolovlev owned the potast producer Uralkali and, in 2011, became the president of Monaco’s football club AS Monaco. According to Forbes, he has a net worth of US£6.8bn.