Princess Cristina and Urdangarin’s luxury home sold to global investor

The Barcelona mansion that once belonged to Spanish royal Cristina de Borbón and her husband, former Olympic handball champion Iñaki Urdangarin, has been bought by a global businessman, city property records show.

Urdangarin was caught up in an embezzlement scandal involving his non-profit Noos Institute, and was sentenced to prison in a case that also affected the conservative Popular Party (PP). He is currently awaiting the outcome of an appeal against the sentence. His wife Cristina became the first member of the Spanish royal family to be questioned in court over her role in the case.

Laith Pharaon, a hospitality entrepreneur who once competed in F1 powerboat races, purchased the 622-square-meter home on September 27, 2017 for an undisclosed amount, the online daily El Confidencial reported.

He is the son of Saudi businessman Ghaith Pharaon and CEO of Orca Holding, a real estate investment company.

By the time of purchase, Urdangarin and his family had already sold the luxury property to a Liechstenstein-based company, after the judge in charge of the Noos investigation authorized the sale. Before that, the home had been seized to guarantee Urdangarin’s €6.2 million bond. The family has resided in Geneva since August 2013.

English version by Susana Urra.