Brothers Francisco de Borja and Jaime Ardid Martínez-Bordiú, great-grandsons of former Spanish dictator Francisco Franco, have completed the sale of all 13 homes at Velázquez 53, one of Madrid’s most exclusive residential developments, according to El Confidencial.
The property was acquired for €56 million in late 2022. According to the accounts of developer ARD V53 SL, total sales reached €112.7 million before tax, putting the average price at approximately €10 million per home and around €25,000 per sqm.
Sales were completed progressively. Seven homes had been sold by the end of 2023, followed by a further five in 2024, with the final unit sold in 2025. Buyer deposits held by the company reached €24.4 million at the end of last year, compared with €8.8 million a year earlier.
The acquisition and subsequent redevelopment involved a further €21.5 million in capitalised costs, including brokerage fees, non-recoverable taxes, professional fees, construction certification and financing costs. Even including these costs, the total investment remained significantly below the €112.7 million generated by the sales.
The project was initially financed through a €38.5 million loan from CaixaBank. In January 2025, the facility was increased by €23.7 million and its maturity extended to 2057. ARD V53 also secured a €13.5 million private credit facility from Pino Investment to finance the acquisition, refurbishment, development and marketing of the scheme.
Velázquez 53 comprises 13 homes, generally ranging from 350 to 390 sqm, alongside a 700 sqm penthouse. Based on the development’s average price per sqm, the latter could be valued at around €17.5 million.
The scheme also includes 13 storage rooms and 22 parking spaces, as well as a range of residents’ amenities, including a rooftop swimming pool, jacuzzi, lounge, dining and barbecue area, gym, heated indoor pool, games room and Turkish bath.
The Ardid Martínez-Bordiú family holds its stake through Ard-Id Investments & Developments and Key Europe Capital, with each company owning 25% of the development. Other shareholders include Festina founder Miguel Rodríguez Domínguez, through Festina Lotus Inversiones, with a 24.99% stake, while the Vega-Sanz family, owners of real estate company Fimjo, holds around 25% through two companies.
