A grandson of the founder of Banca March, on trial for the sale of a mansion in Mallorca

Manuel March, grandson of the founder of Banca March, faces a trial on Monday, April 1, in Madrid for the sale of a mansion in Mallorca, following a lawsuit from a company, Son Galcerán SL. The trial will take place in the Courts of First Instance of Madrid, according to legal sources. The company requests the return of 2.4 million euros related to the operation, plus compensation of 300,000 euros. In detail, the company accuses March of having appropriated 2.4 million euros of the deposit and the contract for the frustrated sale of Son Galcerán, a property where a mansion that belonged to Archduke Luis Salvador of Austria is located. According to the company, both parties had agreed to sell the property for eight million euros, and the buyer paid 400,000 euros as a deposit. The company assures that in December the purchase and sale contract was formalized and another two million were paid, and that in February 2022 the public deed was going to be signed before a notary, with the payment of the remaining amount. The company maintains that on the appointed day, March had alleged health reasons for not proceeding with the signing and it was agreed to set a new date. However, a few days later March’s financial advisor informed them that a second interested party was offering 10.5 million for the property, urging them to match the offer. Later, the selling party terminated the contract “without any of the parties being able to claim anything further from the other.” The property was sold to another company based in Switzerland.