Part of Petalioi island complex put on the auction block

Part of the Petalioi island complex, off the coast of Evia, is to be auctioned off on Wednesday at a bargain price.

Alpha Bank has put up 50 percent of Petalioi Estate SA for sale with a starting price of 2.7 million euros. This share of the company belongs to Maris Empeirikos who owes Alpha 1 million euros.

The company owns two of the Petalioi islands, Tragonissi and Hersonissi, and the value of the shares confiscated has been estimated at 4.05 million euros, taking the value of the two islands to just over 8 million, though experts say Tragonissi alone is worth over 10 million.