16 May, 2017 @ 14:37
1 min read

Karen Millen allegedly building Mallorca property despite filing for bankruptcy

karen millen
BANKRUPTCY: Millen continuing with Mallorca property

KAREN Millen is continuing to build her Mallorca property despite filing for bankruptcy last month.

The 55-year-old fashion designer was reportedly unable to pay an outstanding €7million tax bill and is already reportedly selling her €4 million mansion in the UK.

BANKRUPTCY: Millen continuing with Mallorca property
BANKRUPTCY: Millen continuing with Mallorca property

Despite her financial woes, a source on the island told the Olive Press the fashion mogul is still very much building her home on the northwest of the island.

“It’s very much going ahead,” they revealed, “I can’t say much as it’s all very confidential.”
Millen founded her eponymous brand in 1981 with an initial investment of around €100 but was soon enjoying massive success.

She sold the chain to the Icelandic corporation Baugur in 2004 for around €110 million.

But when the financial crisis hit in 2008, the mother of three lost much of her fortune after Icelandic bank Kaupthing collapsed.

She has remained in a legal battle with them ever since.

She was also ‘caught out’ in 2010 after her accountants had advised her to use a tax planning scheme, the validity of which was successfully challenged by HMRC in 2010.

Laurence Dollimore

Laurence Dollimore is a Spanish-speaking, NCTJ-trained journalist with almost a decade’s worth of experience.
The London native has a BA in International Relations from the University of Leeds and and an MA in the same subject from Queen Mary University London.
He earned his gold star diploma in multimedia journalism at the prestigious News Associates in London in 2016, before immediately joining the Olive Press at their offices on the Costa del Sol.
After a five-year stint, Laurence returned to the UK to work as a senior reporter at the Mail Online, where he remained for two years before coming back to the Olive Press as Digital Editor in 2023.
He continues to work for the biggest newspapers in the UK, who hire him to investigate and report on stories in Spain.
These include the Daily Mail, Telegraph, Mail Online, Mail on Sunday and The Sun and Sun Online.
He has broken world exclusives on everything from the Madeleine McCann case to the anti-tourism movement in Tenerife.

GOT A STORY? Contact newsdesk@theolivepress.es or call +34 951 273 575 Twitter: @olivepress

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

horsemeat
Previous Story

Study claims horsemeat close to becoming accepted into Spanish diet

Barcelo
Next Story

‘Questionable’ if Mallorca rent hikes are fault of tourist accommodation increase, says Barcelo

Latest from Lead

Go toTop

More From The Olive Press