Picasso Estate/Petalioi: The “Greek Maldives” Left Without its “Mermaid”

Thirteen months and nine days. That’s how long Aspasia Tagliente held the management of Le Reve Estates, a company owned by the David family, which owns and manages the well-known “Picasso Estate” on Petalioi. The Greek-Italian fashion designer, who lives and works in Brussels, had taken over the management of the company, as revealed by “THEMA” in December 2023.

Specifically, on May 8, 2023, during the general meeting of the shareholders of Le Reve Estate Monoprosopi Anonymi Ktimatiki Etairia, a new managing consultant was elected with a term ending on May 7, 2028—five years. On the same day, a document was drawn up in which Ms. Tagliente, who resides in Belgium, accepted her appointment as managing consultant.

In the same document, it was noted that “all the powers of representation and management of the company will be exercised by the managing consultant, who will sign under the company name.”

That was last year. This year, however, things have changed. As “THEMA” reveals, Ms. Tagliente is no longer part of Le Reve Estates. Specifically, as stated in a new document from the company on July 17, Ms. Tagliente submitted an “extrajudicial declaration” of her resignation as managing consultant of the aforementioned company.

Since then, Le Reve Estates has been without leadership. The reasons behind Ms. Tagliente’s resignation, submitted through an extrajudicial declaration before completing even two of the five years of her term, remain unknown. Speculations range from increased professional obligations—since her base is in Belgium—to other potential situations that may have led her to this decision.

The Rising Brand

The luxury leather bags and accessories brand that she created five years ago under her name, Aspassia Tagliente, with the iconic logo of two mermaids, continues to thrive. It is considered one of the rising brands in the challenging paths of European fashion.

Having gained exposure in major fashion magazines, just a few weeks ago, Ms. Tagliente made another leap as the famous American actress and singer Bella Thorne was photographed posing with one of her bags for the summer issue of “L’Officiel Monaco.”

Ms. Tagliente felt proud and excited about this development, stating, “The stunning Bella Thorne wears our iconic design for the ‘L’Officiel Monaco Summer Issue!’ She is a true mermaid representing genuine femininity.”

Recently, Ms. Tagliente’s schedule has been particularly busy, with fashion show appearances and frequent trips to Florence, where her products are handcrafted by experienced artisans, who place the precious “Made in Italy” label on each bag.

Indicative of her and her brand’s growing recognition is the fact that last spring, she was invited twice to present her company to classes at Bocconi University, from which she also graduated. As she mentioned on social media, “I was able to take the students with me into the mystical world of mermaids. Sharing my experience in building a luxury brand in front of students of different nationalities not only gave me a great opportunity to increase brand recognition but also offered deep insights into the fashion industry.”

This experience made her feel proud “for the girl who, five years ago, told her family ‘I’m going to make bags.'”

The Beginning

It is unknown if her parents, her Greek mother and Italian father—both lawyers—were excited about this prospect. However, she was determined early on to pursue her dream. She initially studied Communication at Vesalius College and then completed a master’s degree at Bocconi.

“I always wanted to create my brand, but coming from a family of lawyers, I wanted to build a solid academic background before taking the big step,” she said in a past interview. She completed her fashion internship, including six months at Chanel, where she was responsible for organizing events for top clients.

When she began building her brand in 2019, she chose mermaids as her logo because “they are sensual and truly irresistible, yet unattainable, untouchable, and unbeatable because they are so powerful.”

Both when she joined and now that she has left, the reasons for her involvement with Petalioi and Le Reve Estates, the company related to one of the country’s most powerful business families, remain unknown, as the company does not seem to have had particularly successful activity.

It should be noted that Ms. Tagliente took over as managing consultant of Le Reve Estates after the resignation of the previous three-member board (with Ioannis Xenopoulos as chairman and CEO, Nikolaos Marselos as deputy CEO, and Photodotis Malamas as a member) less than a year after their appointment in July 2022.

In the past, and for a long period, the company was headed by Swiss businessman Alessandro Conelli, while Ms. Agapi Politi, former wife of Mr. George Vardinogiannis, also served as a board member.

The company’s main shareholder is Alexia David, who supports it financially, having carried out six consecutive capital increases, the latest in October 2022, with the share capital now amounting to €19.71 million.

According to reports, based on specific data, many internal conflicts have arisen in the idyllic setting of Petalioi, some of which have even reached the courts. For example, the latest published financial statements of Le Reve Estates for the 2022 fiscal year note that on May 8, 2023, coincidentally the same day Ms. Tagliente took over as managing consultant, a hearing took place before the Single-Member Court of Chalkida for a temporary injunction application, among other things, against the company, which was rejected. It was also noted that a hearing for interim measures requesting the conservative seizure of all movable and immovable property of the respondents up to €15 million to secure a claim of €11 million was scheduled for October 2023. However, there is no information about the judicial outcome of the case or other potential actions that may have intervened since then.

Royal Complex

The company was established in 2015 with the acquisition of the Picasso Estate. In 1990, a 170-acre section of the Megalonisos, which included the old royal complex, was purchased by Claude Picasso, son of the famous painter. Together with his sister Paloma, they transformed it into an amazing retreat. Several years later, they decided to sell it.

Finally, in 2015, the estate passed into the hands of Alexia-Eleni David, daughter of Andreas David, brother of George David, who controls Coca-Cola HBC. In August of the same year, Alexia David founded Le Reve Estates S.A. in Greece and in October, Le Reve Estates Holding Sarl in Luxembourg, which manages the property on Megalonisos.

The estate was reportedly leased in the past to a company, resulting in financial disputes amounting to €1.9 million, which were resolved out of court. However, due to the pandemic, the estate on Megalonisos remained closed from 2020 to 2022. Thus, in the financial statements for 2022, the first and only ones signed by Ms. Tagliente as managing consultant, the company reported losses of €1.18 million compared to losses of €1.05 million in 2021, increasing accumulated losses to €16.77 million.

Great Prospects…

Le Reve Estates’ main strategic goal, as indicated in the financial statements, is to capitalize on the positive momentum for Petalioi due to the iconic €280 million investment planned by Grivalia Management with the hotel giant Six Senses for the creation of the “Six Senses Megalonisos.” This will be developed on a 550-acre plot on Megalonisos and will include 75 ultra-luxury villas, 20 branded residences, restaurants, wellness spaces, a beach club, etc.

Naturally, Le Reve Estates is monitoring developments and investments being discussed in the Megalonisos area and is exploring possibilities for further development. It even plans to appoint a local director, as in the past, “to explore the possibilities of renovation, further development, and optimal operation of the property.”

Moreover, the company remains vigilant “regarding the explosion of investments and business activity in the wider Petalioi area,” while considering the possible acquisition of additional land on Megalonisos. “By studying new tourism trends, we aim to distinguish ourselves as a business and generate income by providing the highest possible quality of hospitality services, with an emphasis on the unique, exotic location of the company’s property,” as stated.

Among the outlined actions are offering the resort to wealthy individuals, mainly from the US, and contacting potential investors for its development through a club-type co-ownership scheme, among others. In this direction, collaborations with real estate agents from the US and Switzerland were also being planned.

However, the question remains, after Ms. Tagliente’s resignation, who will fill the management gap and push all these plans forward…

The post Picasso Estate/Petalioi: The “Greek Maldives” Left Without its “Mermaid” appeared first on ProtoThema English.