As you stand before the grand stone mansion that once belonged to King Constantine, the serene atmosphere is only interrupted by the gentle swaying of olive leaves and the soft trickle of water from nearby fountains. This villa in Agios Emilianos, complete with stunning views, a private beach, a 30-meter pool, and 12 bedrooms, feels like a set from a classic European film.
Spas Rusev, a 70-year-old Bulgarian entrepreneur and former driver for a communist official, is now breathing new life into this property. Since last year, he has been engaged in extensive renovations, enhancing both the interior and exterior of the villa.
Last July, the villa served as the backdrop for the wedding of his daughter, Krista-Maria Ruseva, who tied the knot with John Okemah at the charming St. Emilia’s Church at 7:30 pm. The evening’s attire was “Summer Formal,” contributing to a sophisticated yet relaxed celebration.
Porto Heli’s reputation as part of the Greek Riviera began to take shape in the 1960s when affluent Athenians began constructing summer homes, drawn by the area’s serenity, beauty, and accessibility. Its allure grew internationally in the 1980s, as shipowners and entrepreneurs invested in luxurious properties, seeking refuge from the crowded, trendy islands.
In the last two decades, Porto Heli has transformed into a preferred summer destination for European aristocrats and billionaires, who demand exceptional standards of security, privacy, and luxury. Its proximity to Spetses, accessible by helicopter, alongside a well-developed tourist infrastructure, has established it as an exclusive residence for a select few. Today, it is a premier location for sea enthusiasts and luxury yacht owners.
The natural harbor boasts tranquil, turquoise waters and shielded geography, making it ideal for mooring. One of Greece’s most modern and eco-friendly marinas operates in the heart of the bay, offering high-quality facilities and services for every visitor. Its prime location allows swift access to the Saronic Islands and serves as a launching point for Mediterranean excursions.
The tale of the royal mansion is part of a larger narrative filled with ultra-luxurious residences and notable owners, forming a “golden triangle” of opulence along the southeastern Argolis coast. Irish magnate Paul-Richard Collison, a prominent shareholder in the Ardagh Group, fell in love with Porto Heli and expanded his investments by acquiring the “AKS Porto Heli” and “AKS Hinitsa Bay” hotels for approximately €50 million.
He reportedly also bought the “Alexiou Estate,” spanning 300 acres, for a similar amount. The region’s economic activity extends beyond luxury homes and hotels and reflects a growing interest in seaside businesses.
Although not officially confirmed, local reports suggest that Collison proposed a €20 million buyout for the renowned “Grandma’s Taverna” on Hinitsa Beach, near the “AKS Hinitsa Bay” hotel. While this deal did not materialize, it highlights the land’s significant value. The taverna continues its operations, preserving its family-oriented, traditional character.
Another significant investment comes from 56-year-old Sheikh Tahnoon bin Zayed Al Nahyan from Abu Dhabi, who plans to invest €203 million in nearby Ermioni, following approval from Greece’s Council of State. His project will encompass a five-star hotel featuring 121 rooms, 15 furnished residences (including nine that provide hotel services), and six upscale villas.
Porto Heli is a neighborhood adorned with the summer homes of royalty, emirs, and millionaires, distinguished by notable residents, investments, and historic dealings. Sheikh Tahnoon is among those set to invest in Ermioni.
Among the notable summer residents in the region is King Willem-Alexander of the Netherlands, who secured a luxurious mansion tucked away in a private setting. This estate, covering four acres, boasts a private beach and a stunning pool. His acquisition marks just the beginning of his connection to the area.
Porto Heli has hosted generations of the Dutch royal family, making it their summer getaway.
The property underwent significant renovations to meet the desires of Queen Maxima, who was actively involved in the design choices. The main house is accompanied by several guesthouses and staff quarters, all surrounded by trees for privacy.
Greek entrepreneurs such as financier Nikos Devletoglou, the Papathanou family, and Minas Tanes, former president of Athens Brewery, also choose Porto Heli for their seasonal retreats.
His villa, located just steps from the beach, is in one of Agios Emilianos’ most picturesque areas. However, the epitome of luxury is found in the sprawling estate of shipowner Diamantis Diamantidis, often referred to by locals as “the estate.” Covering 300 acres, it resembles the presidential complex at Camp David and functions as a fortified sanctuary, complete with separate wings, a helicopter pad, and private sea access.
Porto Heli has become synonymous with luxurious summer abodes for royalty and billionaires, highlighted by historic transactions.
In a quiet afternoon in 2018, a notary’s office in Kranidi became the stage for a discreet showdown among billionaires. Two Greek shipping magnates and a Swiss investor vied for the iconic villa once owned by publisher Stavros Psycharis in Agios Emilianos. This legendary estate is now viewed as a trophy property.
Spanning 26 acres with breathtaking views of the Argolic Gulf and direct beach access, this was Psycharis’ summer palace. He often recounted how he acquired it through an auction in 2006 for about €15 million, with its current estimated value around €45 million. The transfer from the Peratikos family to Psycharis was complex and captured the market’s fascination at the time. But now, it was ready to change hands again.
Neil Rimer, a Swiss investor and successful startup founder labeled “the Midas of Europe,” emerged victorious in the auction against two heavyweight Greek shipping tycoons, Dinos Martinos and George Prokopiou. With a final bid of €11.75 million, he secured one of the Greek Riviera’s most iconic homes.
This transaction was more profound than a mere property sale; it signified a strategic shift. Porto Heli, particularly Agios Emilianos, has evolved into a prestigious setting where Greece’s most influential business figures script their stories through their property acquisitions. This event underscored that success in this realm is not solely about monetary wealth, but also about the determination to persevere and ultimately prevail. Neil Rimer’s success added another notable name to Porto Heli’s roster of distinguished residents.
Other community members on the Greek Riviera
Porto Heli and Agios Emilianos’ allure extends beyond auctioned estates and foreign tycoon villas.
For decades, some of Greece’s leading business elites have established summer retreats in this area. These are not merely vacation homes; they serve as gathering places for influential figures, offering private avenues for discussion and decision-making.
One of the historic properties is owned by the Kyriakou family, built on the very waves of Agios Emilianos. Initiated by the late Minos Kyriakou, it now serves as a summer haven for his son, Thodoris, a prominent media and shipping figure.
Thodoris enjoys his summers there with family, embracing the tranquility away from public scrutiny in a space steeped in memories and the understated opulence of a bygone era.
In this coastal retreat, Yiannis Mytilinaios, brother of Evangelos and co-owner of the Mytilineos Group, also finds solace, enhancing the area’s prestige. His presence underscores the notion that land is not just an investment but a valuable personal estate.
An “old-timer” of the area, Afroula Lanara, a descendant of the famed Naoussa family and sister to Thoma Lanara, the last owner of Klonatex, maintains a stunning villa in Porto Heli. Her low-profile presence serves as a reminder of the intersections between industry, shipping, and political power in previous eras.
Across all these residences, the unifying theme is not only luxury but their symbolic significance. They reflect the personalities of their owners, encapsulating success, relationships, and decisions, quietly asserting that Agios Emilianos is much more than a seaside locale; it is a significant player in Greece’s elite narrative.
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