The planned sale comes 10 years after the A-list hairdresser Charles Worthington bought the eight-bedroom villa on Mykonos. Photo: Beauchamp Estates
The planned sale comes 10 years after the A-list hairdresser Charles Worthington bought the eight-bedroom villa on Mykonos. Photo: Beauchamp Estates
The planned sale comes 10 years after the A-list hairdresser Charles Worthington bought the eight-bedroom villa on Mykonos. Photo: Beauchamp Estates
The planned sale comes 10 years after the A-list hairdresser Charles Worthington bought the eight-bedroom villa on Mykonos. Photo: Beauchamp Estates

British tycoon Charles Worthington wants a record $54m for his Mykonos villa


  • English
  • Arabic

Business tycoon Charles Worthington is looking to sell an eight-bedroom villa in Mykonos, in what would be the biggest deal of its kind on the Greek island.

The 6,475-square-metre estate – situated on an island filled with luxury homes owned by the likes of US billionaire Todd Boehly – will go on sale next week for €50 million ($53.8 million) through Beauchamp Estates.

The ultimate owner of the property is Mr Worthington, who built a fortune in celebrity hairdressing and sold his namesake beauty company to consumer goods company PZ Cussons for about £37 million ($47.4 million) in 2004.

“Mykonos has a different market to mainland Greece, attracting very wealthy buyers, and this villa has something unique that you can’t find elsewhere on the island,” said Roi Deldimou, an estate agent at Beauchamp Estates’ Mykonos branch.

“You get the views, but nobody can get a view of you.”

The planned sale comes 10 years after Mr Worthington bought the property, which has a swimming pool overlooking the sea.

The price Mr Worthington achieves for the villa will provide an insight into the strength of Europe’s super prime housing market, which is adapting to higher interest rates and a clampdown on cash-for-passport programmes.

“I still expect to sell to an international buyer, because the island attracts a huge amount of attention from wealthy fashionistas around the world,” he said.

Europe’s housing markets have been thrown into turmoil since the end of the cheap-money era. Interest rate increases by central banks pushed up mortgage prices just as a cost-of-living squeeze hit consumers.

But in Greece, a surge in interest from overseas buyers using the nation’s “golden visa” scheme – which offers residency in return for foreign investment – has added fuel to Greece’s real estate market, which is also benefiting from strong domestic demand.

The EU has long pressured governments to terminate golden visa schemes on the grounds that they’re anti-democratic and can serve as a means for dirty money to enter the region, prompting some countries, such as Ireland and Portugal, to ditch their programmes.

Applicants for Greece’s scheme rose almost 300 per cent to a total of 1,262 in the first two months of 2023, compared with 316 requests registered during the same period last year, according real estate data company Recognyte.

Almost two thirds of those applications came from China, a nation with a reputation for indulging in European real estate.

The surge in applications is mostly down to Greece doubling its investment threshold to €500,000 in certain areas of the country – including Mykonos – from next month.

The shake-up to the programme is designed to stop Greek citizens from being priced out of the housing market as overseas demand surges, but could scare some buyers away.

Despite the changes, “it’s one of the lowest golden visa investment thresholds in Europe", Ms Deldimou said. “Super prime buyers do not really care. It’s not a problem for them.”

This villa has something unique that you can’t find elsewhere on the island ... you get the views, but nobody can get a view of you
Roi Deldimou,
agent at Beauchamp Estates

Europe’s most expensive homes are typically snapped up by buyers who are less reliant on debt. About 17 per cent of ultra-high-net-worth individuals bought at least one home last year, according to a report from broker Knight Frank.

What’s more, the report ranks Greece as the fifth most diverse international prime property market, above the likes of Germany and Portugal, suggesting a wide pool of buyers could be interested in buying the Mykonos home.

Residential property is seen as the safest asset class for rich investors, the research shows, ranking above gold and bonds, respectively.

“We’re looking into buying another a plot of land in Mykonos and starting on a new project,” said Mr Worthington, who also owns properties in Colorado and London.

“I certainly expect to achieve the asking price, and will be waiting for the right offer.”

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

What is 'Soft Power'?

Soft power was first mentioned in 1990 by former US Defence Secretary Joseph Nye. 
He believed that there were alternative ways of cultivating support from other countries, instead of achieving goals using military strength. 
Soft power is, at its root, the ability to convince other states to do what you want without force. 
This is traditionally achieved by proving that you share morals and values.

UAE currency: the story behind the money in your pockets
ELIO

Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Price: From Dh801,800
Essentials

The flights
Whether you trek after mountain gorillas in Rwanda, Uganda or the Congo, the most convenient international airport is in Rwanda’s capital city, Kigali. There are direct flights from Dubai a couple of days a week with RwandAir. Otherwise, an indirect route is available via Nairobi with Kenya Airways. Flydubai flies to Kinshasa in the Democratic Republic of Congo, via Entebbe in Uganda. Expect to pay from US$350 (Dh1,286) return, including taxes.
The tours
Superb ape-watching tours that take in all three gorilla countries mentioned above are run by Natural World Safaris. In September, the company will be operating a unique Ugandan ape safari guided by well-known primatologist Ben Garrod.
In the Democratic Republic of Congo, local operator Kivu Travel can organise pretty much any kind of safari throughout the Virunga National Park and elsewhere in eastern Congo.

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

ABU%20DHABI'S%20KEY%20TOURISM%20GOALS%3A%20BY%20THE%20NUMBERS
%3Cp%3EBy%202030%2C%20Abu%20Dhabi%20aims%20to%20achieve%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%2039.3%20million%20visitors%2C%3C%2Fstrong%3E%20nearly%2064%25%20up%20from%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%20Dh90%20billion%20contribution%20to%20GDP%2C%3C%2Fstrong%3E%20about%2084%25%20more%20than%20Dh49%20billion%20in%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%20178%2C000%20new%20jobs%2C%3C%2Fstrong%3E%20bringing%20the%20total%20to%20about%20366%2C000%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%2052%2C000%20hotel%20rooms%2C%3C%2Fstrong%3E%20up%2053%25%20from%2034%2C000%20in%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%207.2%20million%20international%20visitors%2C%3C%2Fstrong%3E%20almost%2090%25%20higher%20compared%20to%202023's%203.8%20million%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%203.9%20international%20overnight%20hotel%20stays%2C%3C%2Fstrong%3E%2022%25%20more%20from%203.2%20nights%20in%202023%3C%2Fp%3E%0A
Updated: June 28, 2023, 12:47 PM`