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 has a BA and MA in International Relations and a Gold Standard diploma in Multi-Media journalism from News Associates in London. He has almost a decade of experience and previously worked as a senior reporter for the Mail Online in London.

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

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