Arza Fortress on Lustica Peninsula up for sale

The Arza Fortress, raised in the former state of Austria-Hungary, along with the accompanying land on the Lustica Peninsula, has been put up for sale for the second time. The ad has been published on the webpage of Fresh, a real estate agency, and has also been put up on the website of the Realitica agency. It says that the urban building land has an area of 107,800 sqm, which includes a beach of 5,700 sqm and the fortress itself, which has 1,455 sqm.

The ad says that the parcel is located at the entrance to the Bay of Kotor, on the Lustica Peninsula, and that it has a direct exit to the sea and its own beaches. It adds that the price is subject to agreement. The ad quickly spread through social networks and caused numerous protests from the citizens of the Bay of Kotor.

In 2005, the Arza Fortress was sold to the Russian-Montenegrin-Serbian consortium consisting of Akcionarksa Komercijalna Banka, Tradeunique Budva and RCG Invest Herceg Novi. The consortium bought the land on Arza for EUR 4.5 million from the military fund in Belgrade and established Arza Property Corp, with Vadim Ogorodov as the director and Olgica, Mirko and Maja Latinovic as the founders. Mirko Latinovic also owns Tradeunique.

Immediately after the purchase, the consortium announced that it would build a tourist complex and invest EUR 100 million. The new owners forbade access by public road and entry to the beaches, coves and the quay of Arza. The property was fenced out, a table saying “Private Property” was set up, and private security was hired as well. The investment has not been realized, and the complex has been put up for sale again after 14 years.

Komercijalna banka a.d. Budva

Fresh

Realitica Budva

Akcionarska komercijalna banka

Tradeunique Budva

RCG Invest Herceg Novi

Military Fund Belgrade

Arza Property Corp

Austrian Hungarian fortress Arza

Arza Fortress

Lustica

Vadim Ogorodov

Olgica Latinovic

Mirko Latinovic

Maja Latinovic

sale of Arza Fortress on Lustica

Arza Fortress on Lustica