After expressing his dislike back in September for the recent changes going on Ibiza regarding the club scene, founder Ricardo Urgell has sold Pacha Group. Urgell sold it for 350 million Euros, although it’s unknown who he sold it to and if the deal is official. It was announced earlier this year that Ushuaia would take over the Space Ibiza location in 2017, therefore, it encouraged Urgell to sell Pacha Ibiza and other international expansions.
“I feel like an honest person trying to do the best possible,” Urgell said of his Pacha legacy on the island of Ibiza. “We have to want more for the island, invest in it, appreciate it and love her, so that we’re not only benefitting ourselves. People need to promote projects to improve Ibiza. It’s important that the island does not lose the magic.”
Now that Urgell has sold the empire he created, he stated that he has some ongoing projects, which includes hotels and a possible new venture in Cuba.