Paul Gheysens Forced to Sell Saint-Tropez Villa as Empire Crumbles
Belgian real estate tycoon Paul Gheysens is being forced to sell his luxury villa in Saint-Tropez, along with two other French properties, as his once-mighty Ghelamco empire continues to unravel under the weight of hundreds of millions in debt. According to HLN, money expert Pascal Paepen describes the 72-year-old developer as “constantly burning money” in a financial crisis that has now persisted for over three and a half years.
The Forced Sale
Gheysens must sell three French luxury properties to secure the stock exchange listing of new Polish bonds issued by Ghelamco: the Saint-Tropez villa “La Rianna” (named after his wife Marianne), a chalet in Courchevel called “Les Trappeurs,” and a castle with hunting grounds in northern France known as “Parc d’Offemont.” The villa was purchased around 2019 for an estimated €40 million and extensively renovated; Gheysens is now seeking €65 million for it.
As De Tijd reported, the sales are tied to conditions attached to new Polish bonds (ST1 and ST2) worth 230 million zloty (approximately €53 million) issued by Ghelamco to refinance an earlier 240 million zloty (€57 million) obligation. The bonds were supposed to be listed on the Warsaw Stock Exchange by June 22, 2026 — a deadline that has not been met.
From the three property sales, Gheysens plans to use approximately €27 million for early repayment of the ST1 bond: €13 million from Parc d’Offemont, €9 million from La Rianna, and €5 million from Les Trappeurs.
A Cascade of Asset Sales
This forced sale is merely the latest chapter in a dramatic financial decline. Gheysens has already sold hundreds of millions in assets over the past year, including offices in Knokke (a golf course, two villas, and a penthouse), a tower in Warsaw, and The Arc building in London — which was taken over by Goldman Sachs after a €140 million loan default.
“He’s selling private properties and real estate from his company on an assembly line because he has hundreds of millions in debts that are reaching maturity,” Paepen told HLN. “There were also rumors that he wanted to sell artworks to friends. These are all signals of someone who is not in a good financial position.”
According to De Rijkste Belgen, Ghelamco’s annual report from early 2024 already flagged serious concerns, stating: “Since a significant part of the real estate portfolio is coming to the end of its development cycle, the group is currently facing a temporarily limited cash and liquidity position.” The report warned of “material uncertainty regarding the capacity of the group to continue its operations.”
The Perfect Storm
Multiple factors converged to create Gheysens’ financial crisis. Rising interest rates from 2021 onward dramatically increased financing costs. The post-pandemic office market collapse reduced demand for commercial real estate — Ghelamco’s core business. A legal defeat over the Eurostadion in Brussels resulted in a massive write-off, contributing to a net loss of €32 million in 2024.
Ghelamco’s net financial debt stood at €1.34 billion, with short-term debts of €895 million due in 2025, of which only €350 million was covered. As Made In reported in April 2025, the company was facing a “week of truth” over a heavy bond repayment, with banks unwilling to provide further financial breathing room.
Paepen notes that Gheysens also borrowed heavily from his own company for non-core investments: “He also borrowed a lot of money from his own company for his horse breeding farm and football [Royal Antwerp FC], but none of that yielded anything. He’s not getting back what he put in, and then you’re burning money.”
Broader Implications
Gheysens’ fall mirrors broader challenges in the European commercial real estate sector, which has been battered by higher interest rates, reduced office demand, and tighter bank lending. The situation highlights the risks of aggressive debt-fueled expansion strategies that worked in a low-interest-rate environment but became unsustainable when conditions shifted.
Ghelamco’s potential distress could have ripple effects on Belgian banks including Belfius, KBC, BNP Paribas Fortis, and Société Générale, as well as insurance companies with exposure to the group. The VRT NWS reported in April 2026 that even Ghelamco’s local projects, such as the long-stalled “spookhotel” Le 8300 in Knokke-Heist, required negotiated settlements to move forward.
What’s Next
As of July 11, 2026, the three French properties have not yet been sold, and the ST1 and ST2 bonds remain unlisted on the Warsaw Stock Exchange. Gheysens continues to negotiate with bondholders to prevent claims being filed. Paepen estimates Gheysens’ remaining wealth at significantly less than the €550 million some analysts suggest, though he still holds hundreds of millions in real estate assets.
Whether Gheysens will also be forced to sell Royal Antwerp FC — the football club he helped return to prominence with a Belgian title and two Belgian Cups — remains an open question. Reports from VoetbalNieuws in January 2026 indicated potential sale talks, and by May 2026, Antwerp was reportedly seeking a €100 million+ financial injection from Wall Street funds.
“Paul Gheysens is in financial distress and still has hundreds of millions in debts,” Paepen concludes. “On a regular basis we hear that there is a problem — whether with banks or with investors. It’s actually unbelievable. It seems like he has to put out fires almost daily.”