Amorim, Vangard Bid for Portugal's Fashionable Comporta Estate

One of Portugal’s wealthiest people, Paula Amorim, and Vangard Properties have presented a joint bid for part of the oceanside Comporta estate, the country’s largest privately-owned property. Comporta was the Espirito Santo family’s largest real estate holding. It is now held by liquidators following the 2014 collapse of the family business and the bank founded by them, Banco Espirito Santo, Reuters reported. The property, which stretches over a 1,300 hectare area of coastline south of the city of Setubal, includes plots for villas, golf courses and comes with licenses to construct hotels. The Comporta area has become a magnet for the rich due its beautiful beaches and countryside relatively close to Lisbon, which is about 100 km away. Madonna, who moved to Lisbon last year, goes horse riding in Comporta and French fashion designer Christian Louboutin has a house in the area. A spokesman for the consortium said it was the only bidder for the two plots. He declined to say how much the bid was worth, but the property has debt of 120 million euros. Read more.