Amorim, France's Vangard buy fashionable Portugal seaside estate

LISBON, Nov 27 (Reuters) - One of Portugal’s wealthiest people, Paula Amorim, and French billionaire Claude Berda have bought a fashionable coastal estate in Portugal for 158 million euros and will start building hotels and villas next year, they said on Tuesday.

Comporta estate was the Espirito Santo banking family’s largest real estate holding and its liquidators agreed Tuesday on the sale following the 2014 collapse of the family business and the bank founded by them, Banco Espirito Santo.

The property includes plots for villas, golf courses and comes with licenses to construct hotels. It could become one of Portugal’s biggest upmarket development projects.

Berda’s company Vangard has invested about 600 million euros in Portugal’s booming property sector.

The sale covers a 1,300-hectare part of Comporta estate, which is Portugal’s largest privately-owned property. It lies south of the city of Setubal and has become a magnet for the rich with its beautiful beaches and countryside relatively close to Lisbon.

Pop star Madonna, who moved to Lisbon last year, goes horse riding there and French designer Christian Louboutin has a house in the area.

Amorim said in a statement the approval of the sale marks a “decisive step in a long process,” to develop the area.

Amorim, who owns a chain of luxury boutiques and restaurants, is one of the heiresses of Americo Amorim, who died in 2017. He left his children holdings that include a large stake in oil company Galp and the world’s biggest cork producer, Corticeira Amorim.

In July Forbes estimated the Amorim family fortune at 4.5 billion euros. ($1 = 0.8866 euros) (Reporting By Axel Bugge, editing by Andrei Khalip and David Evans)