Certain prominent properties in Mykonos, specifically a five-star hotel complex under construction and a luxury villa, are facing foreclosure actions.

These properties belong to Jackie O’ Bar Mykonos S.A., the company that has been operating the well-known Jackie O’ bar-restaurants in Mykonos Town and on Super Paradise beach for many years.

The foreclosure auctions are scheduled for January 21, 2026, unless intervening actions result in suspension. These auctions rank among the highest-priced on the electronic platform, with a combined starting price exceeding 15 million euros.

The foreclosures have been initiated by XKS Constructions S.A., with seizure orders registered for amounts totaling approximately 100,000 euros.

Details of the hotel auction

The first auction, if it proceeds, concerns a buildable plot located in the Mykonos Municipal Community, in the “Vigles” area outside the town limits and not included in the city’s approved zoning plan. The plot covers 10,736 square meters and lies about 106 meters from the sea, near the well-known Super Paradise beach. It came into the possession of the debtor in September 2018.

The area is primarily developed with luxury tourist accommodations, upscale residences, and beachside restaurants. The plot is roughly 6.5 km from Mykonos Town and 3.5 km from the airport, offering scenic sea views due to the sloping terrain.

On-site inspection confirms the plot hosts an unfinished five-star hotel with 21 suites (42 beds), located at Vigles.

Description of the hotel

The main building has three levels with shared facilities, located at the southwestern edge of the plot. Access is from the west, with parking spaces for up to 25 cars north of the entrance.

The complex is designed with stepped levels reflecting the terrain’s elevation.

• The entrance level includes shared areas such as reception, a manager’s office with luggage storage, and a business center.
• The second level contains the foyer, multipurpose hall, restaurant with kitchen, and shared restrooms. The terrace spans two levels.
• The third level features wellness facilities including changing rooms, hammam, sauna, hydromassage, beauty salon, and two massage rooms (convertible to one). There are also kitchen and general storage rooms and pool support areas under the terrace.

The hotel includes three suite buildings (A, B, and C) with private pools, terraces, and pergolas. Suites vary between partially underground and above-ground levels, each offering views of the natural surroundings.

According to the 2019 building permit, the total primary use area is approximately 1,704 m² with additional auxiliary spaces totaling about 1,272 m². The complex includes semi-open areas, shared buildings, underground facilities, and swimming pools covering 540 m².

The starting auction price for the hotel property is set at €12,850,000.

Details of the villa auction

The second auction, if it proceeds, involves a two-story villa located in the Diakoftis or Aleomantra area, west of Mykonos Town, about 4.5 km from the town and 5.5 km from the airport.

The villa sits on a steep, partly rocky 4,500 m² plot, partially bordered by a stone wall. The property itself covers about 1,397 m².

The villa, built in 1995 and acquired by the company in December 2017, has 308.85 m² total floor space, including 257 m² of main living areas and 51.81 m² auxiliary spaces like garage and laundry.

• Ground floor: 2 bedrooms, living room, kitchen, dining room, WC, hallway, stairway, with some spaces converted from auxiliary use.
• First floor: 2 bedrooms, 2 bathrooms, terraces, and internal stairway.

Unauthorized constructions on the plot include an independent WC, a 69.68 m² swimming pool, pool pump room, and sauna, all regularized under relevant laws.

The villa enjoys a privileged location with sea views, including towards Delos island.

The starting auction price for the villa is €2,500,000.

Combined starting price and company background

The total starting price for the two properties is €15,350,000.

Jackie O’ Mykonos was officially established in 2008 by Carsten Stehr and Michalis Sigounas, who had been active on the island since the late 1980s. Their first venue is located near the Paraportiani church in Mykonos Town and has become a well-known spot praised internationally.

The company operates bars, restaurants, and retail businesses, including clothing and jewelry.

Recent financial reports for 2023 indicate a decline in performance, with turnover dropping to €6.33 million from €7.31 million in 2022 and pre-tax results turning to losses of €10,485 from previous profits. The company attributes this to a reduction in tourism.

For 2024, management’s primary goal is to stabilize results and grow sales through new products and services. However, as of August 2024, sales had decreased by over 61%, with expectations of continued losses.

The company has invested over €2.3 million in the ongoing hotel and villa construction project, planning completion by 2025 with future expansions on leased land.

There have been recent reports that the owners may consider selling the business, which includes three buildings in Mykonos Town and the bar-restaurant at Super Paradise beach.