The Villa Metaxa, located near the Temple of Poseidon in Sounion, is one of the few private properties in the area and is considered by many to be the most impressive. Despite its breathtaking views and privileged location on the Athenian Riviera, the villa has been repeatedly auctioned since 2014 without attracting investor interest. This year marks a decade since it first went up for auction.
Known for its unique aesthetics and views of Cape Sounion, the villa features magnificent terraces and a Hollywood-sized pool. The property spans 7.3 acres and originally included a 93-square-meter house from the 1920s. It was purchased in December 1990 by architect-engineer Nikolaos Metaxas, who also ran Sunland Properties.
The Transformation of Villa Metaxa
After its acquisition, the gradual expansion and transformation of Villa Metaxa began. According to numerous foreclosure reports, the house underwent renovations based on building permit no. 198/92 and a subsequent plan submission (application no. 19.685/95). However, these expansions were of questionable legality, as the plot is within the protected archaeological site of Sounion, declared in 1957, and subject to strict construction prohibitions since 1998.
A 2017 decision by the Athens Single-Member Court of First Instance highlighted that the property, originally built around 1900 and reconstructed multiple times, along with seven other residences in the area, is unique since no new buildings will be constructed there. Existing buildings, like the Villa Metaxa, can only be repaired for usability and hygiene reasons according to the 1998 Presidential Decree.
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Unique Characteristics and Repairs of Villa Metaxa
Consequently, repairs and renovations are permitted. According to the same court decision, the property is characterized as unique due to its location, view, and distinctive architecture, which follows bioclimatic principles and ecological construction. It is fully integrated into the sensitive archaeological site it adjoins. The property’s uniqueness is highlighted by the annual visits from the National Technical University of Athens’ School of Architecture, where students study its special features and how it blends with the natural environment.
In the October 2022 court session concerning the objection against Intrum, despite an initial price of €5.99 million, the Athens Single-Member Court of First Instance identified major deficiencies in the appraisal report, such as overlooking the property’s water supply network, bioclimatic features, and private beach access. The court recognized the property’s uniqueness due to its architecture, location, and view.
Following appeals, the starting price increased to €9 million and then to €11 million, but subsequent auctions saw a decrease in price. Despite objections, the court doubled the price to €12 million, citing a stable and rising property value trend, particularly in the Athenian Riviera. However, the auction in October 2022 concluded without a buyer.
Subsequent auction dates were scheduled for December 16, 2022, and March 22, 2023, but were suspended. In the summer of the previous year, it was listed again for October 25, 2023, with the starting price unchanged at €12 million. However, a few days later, the property disappeared from the list for unknown reasons. It reappeared on May 13, with a scheduled auction for July 24, 2024, maintaining the price at €12 million. The outcome of the next episode in this prolonged “serial” regarding this unique property remains to be seen.
