José María Etxaniz of former Privilege Ibiza parent company Baltanxa S.A. has remained embroiled in a legal dispute with Grupo Empresas Matutes (GEM) since 2018. The latter company is now majority owner of the White Isle nightclub.
“After many years of litigation, Bahía de San Antonio S.A has acquired the shares owned by José María Etxaniz of the company Baltanxa S.A, owner of Privilege, within a judicial process,” GEM announced in a statement to Mixmag. The undisclosed amount paid for the 55% ownership is estimated at 20 million, according to Diario de Ibiza.
Extaniz had sued GEM for unfair competition on the grounds that Ushüaia, another one of their properties, operates as a club without being subject to the same licensing rules as other clubs. The High Court of Justice of the Balearic Islands deemed the venue’s license as a hotel establishment “not controversial” and rejected the argument.
The space now known as Privilege Ibiza had previously been occupied by the storied Ku Club since 1979. Extaniz has held majority stake in the club since 1995, when it was finally rebranded.
The club has fallen into disrepair after having been closed for the past two years, according to Periódico de Ibiza. The renovations necessary to reopen the club will preclude it from operating for the remainder of the 2022 season.