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Brief History of Sveti Stefan

This property sits above the historic Sveti Stefan Island, the capital city for the Paštrovići tribe for over 500 years. In the 1930s, Queen Marija Karađođević purchased land on the neighboring beach and constructed Villa Miločer, her summer residence.

After World War II, Sveti Stefan was turned into a stunning luxury hotel and casino and quickly became a celebrity enclave – Orsen Welles, Marilyn Monroe, Sophia Lauren, and Elizabeth Taylor were frequent guests.

In 2007, Aman Resorts was awarded a thirty-year lease and took over operations of both Sveti Stefan and Miločer. It is currently their fourth most profitable resort.

Visit Aman Sveti Stefan’s Website

Local Developments

The Montenegrin government energetically promoted international investment and created a thriving, upmarket tourist industry. With a population of just 700,000 people, there are now a remarkable 22 five-star properties that are active or under construction.

Notable properties:

Porto Montenegro

Luštica Bay

Portonovi

Hotel Maestral Pržno

Property Overview

In the 2000s, the property was incorporated from over 40 separate parcels into four large parcels which comprise 229,977 total square meters. Each of the fifty-one owners are given a fraction of each parcel depending upon how many square meters they own.

Bordering Parcels

To gain access to the main road, the purchaser would need to acquire an additional 3,538 square meters. There is a natural inlet that can be used as a point of entry up the right side of the parcel (white arrow).

There are numerous small parcels below the property that could provide significant value (green arrows). Purchasing these parcels would not only take the development down to the main road but it could also provide an additional revenue stream, with a promenade of cafés, bars, and restaurants that will all have an unobstructed view of the island.

There is currently only one establishment above Sveti Stefan where one can relax and take in the view (yellow arrow).

These smaller parcels constitute 39,152 square meters.

Beachfront Development

The closest public beach is the large beach opposite the Aman Sveti Stefan (grey arrows). The smaller beach is the private beach for Aman guests (yellow arrow).

A piece of land kitty-corner from the property could provide significant additional development opportunities and has direct beach access (green arrow). This beach, named Crvena Glavica, has a stunning view of Sveti Stefan and has the potential to be privatized by agreement with the local municipality.

There is direct access to these parcels from the main road (orange arrow).

The beachfront development encompasses 22,292 square meters.

Crvena Glavica

Local Counsel

The transaction can be represented by the Vujacić Law Firm. Partner Saša Vujacić has significant experience in Montenegrin real estate and construction law and is very familiar with the property and the surrounding Sveti Stefan area.

Visit Vujacić Law Firm’s Website

Mark Mitrovich

+1.617.899.2337
markmitro@gmail.com

The Mitrović family were members of the Paštroviči tribe and one of the founders of Sveti Stefan in the 14th Century. After World War II, much of the the family migrated to other parts of Europe, the United States, and Australia.

Mark has been significantly involved in Sveti Stefan real estate since 1992. A graduate of the University of Virginia School of Law, he was a litigator at the Wall St. firm Cahill Gordon & Reindel. Before practicing law, Mark was a Lecturer on Philosophy in Social Studies at Harvard University.