Postponed Auction of Geissens' French Luxury Hotel
Protracted tax debts led to the stalled compulsory auction of a lavish hotel in France, involving millions.
In a surprising turn of events, the Geisson family has temporarily halted the auction of their opulent French hotel, situated on the glamorous Côte d'Azur, by filing an appeal. The family has amassed a sizable tax debt with the French government, who are demanding millions of euros in repayment.
According to recent reports, the luxury hotel, a pride of the Geissens, was scheduled to go under the hammer this past Friday. However, following the filing of an appeal with the court of Southern France, the auction has been put on ice, at least for the time being.
Public records reveal that the French state is seeking a staggering 7.015.469,99 euros from the family, which includes back taxes, late fees, and penalties from 2010 to 2022. The Var department's finance department serves as the creditor, while Whereland Real Estate SA, a Luxembourg-based company linked to Robert Geiss, is listed as the property owner.
Authorities have accused the Geissens of unjustly profiting from tax benefits with the property, citing laws that allow certain tax incentives for properties resold within five years of purchase. Alarmingly, the Geissens have owned the hotel, affectionately known as "Maison Prestige Roberto Geissini," since 2008, well beyond the stated deadline.
As the court reviews the Geissens' appeal, a decision on whether to proceed with a new auction could take several months. In the meantime, it remains uncertain if the family's luxury hospitality establishment will return to the market.
What is the decision of the court regarding the Geissens' appeal for the indefinitely postponed auction of their French luxury hotel?The tax debt in question, totaling 7.015.469,99 euros, is owed by the Geissens to the French government, primarily from back taxes, late fees, and penalties from 2010 to 2022.The authorities accuse the Geissens of unjustly profiting from tax benefits with their property, citing laws that permit certain tax incentives for properties resold within five years of purchase.Despite the filing of an appeal by the Geissens, it remains unclear if the luxury hospitality business will eventually be auctioned or if it will continue to operate under the Geissens' finance and management.
