The Home Used as WOW Air Collateral Is Up for Sale
Jackie Reddy October 16, 2019
In awkward failed airline news, the luxury home of the founder and former CEO of collapsed Icelandic carrier WOW Air is up for sale. Sleek and modern, the property has been valued at around $2 million and was used as collateral by Skúli Mogensen when he bought stock in the failed airline back in 2018. WOW collapsed in March 2019.
Image Source: Screenshot/Oceanvillaiceland.com
The luxury home of Skúli Mogensen has become a landmark in aviation history as part of the era of failing budget airlines. But, even as an infamous property, Mogensen’s home is pretty spectacular. Set a short distance from central Reykjavik, the bespoke, three-story ultra-modern house offers both sea and mountain views and has been valued at ISK 261 million ($2 million).
Photos of Mogensen’s house can be viewed at oceanvillaiceland.com. According to the website, “This unique ocean front villa is without a doubt one of Iceland´s most spectacular residencies. It’s an airy seaside villa with incredible panoramic seascape, city and mountain view from the home’s expansive floor to ceiling windows providing good amount of natural light, creating seamless transition between the inside and out.”
Image Source: Screenshot/Oceanvillaiceland.com
WOW’s former CEO bought the property back in 2016 and used the house as collateral to source funds when he purchased stock in the airline in 2018.
Despite this offering of collateral, as Gary Leff of View from the Wing astutely observes, “The home is 6780 square feet over three stories and is listed at $2 million, so creditors are expected to take a significant loss.”
WOW Air suddenly ceased its operations back in March of this year and, the improbable promise of a WOW Air 2 in December has been postponed in the latest chapter of one of the most dramatic airline stories in aviation history.
Thank you RandyN for setting the record straight.
It's not "bespoke." It's custom.