Marbella’s interest payments on outstanding debt from the GIL era amounts to 10 million euros every year. The urgent need for money has led the municipality to sell off real estate that it inherited from the Jesus Gil government in an attempt to raise liquidity.
The first property to be released for sale is a luxury apartment in the Golf Rio Real development. The 380 sqm property was used by the GIL party members without paying rent. The auction price tag has been set at 503,000 Euros. Other inherited assets which Marbella is putting on sale include seven parking spaces in the Las Lomas del Marbella Club complex at 15,000 Euros each as well as the lease of the former Deputy Mayor’s Office in Puerto Banus.
Marbella’s economy is struggling under a debt of 512 million euros, left behind by previous governments, which today costs the luxury resort 10 million euros worth of interest annually.