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Les Ottomans, one of Istanbul’s most iconic waterfront properties, was sold for ₺3.2 billion ($80 million) on Monday in a court-ordered foreclosure auction to BLG Capital, a company led by prominent real estate investor Serdar Bilgili.
The winning bid was nearly 4.5 times higher than the initial asking price for the historic estate, which is considered one of the most luxurious hotels in Istanbul.
Les Ottomans is housed in the historic Muhsinzade Mehmet Pasa Mansion, a waterfront estate located along the Bosphorus in Istanbul. The structure sits on a 4,527-square-meter plot and incorporates architectural remnants from the reign of Ottoman Sultan Ahmed III, including a fountain and garden fixtures.
The luxury hotel, which was developed by businessman Unal Aysal, includes 11 uniquely designed rooms spread across two basement levels, a ground floor, and two upper floors.
The property features six elevators, with room layouts comprising one triplex, six duplexes, and four standard rooms.
Additional plots tied to the estate include a 235-square-meter area previously used as a coal storage unit now functioning as the hotel garage and a 5.44-square-meter land parcel forming the entrance area from the road.
However, the sale has triggered a legal response from the former owner, Aysal, who heads Unit Group. Aysal claims that the auction was carried out unlawfully and intends to challenge the process in court.
“This was a result we expected,” Aysal said. “It was executed rapidly, and we believe it includes several irregularities and breaches of regulations. We will file a lawsuit for the annulment of this auction within the week. The legal process may take another four to five months, but we are confident the courts will intervene.”
In 2024, reports indicated that BLG Capital had acquired Unit Group’s $75 million debt to Turkish lender Akbank, paving the way for the hotel’s transfer.
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