About Us | Bookmark Us     

President's residence sold to casino operator

With Baltic economies continuing their plummet into stagflation, the Estonian government has decided to take drastic measures. In a strong show of the country's commitment to capitalism, the government has announced that it will sell the presidential summer residence at Paslepa to Olympic Entertainment Group owner Armin Karu.

The Estonian-language daily Äripäev reported that a company owned by Karu paid 15.3 million kroons (0.98 million euros) for the summer residence in Western Estonia, which was sold through the State Real Estate Company. Karu told the paper that he does not have any concrete plans for the building: "It has a definite culture historic background, but I do not have a clear plan for the complex yet." The Paslepa residence was actively used by late President Lennart Meri.

Current President Toomas Hendrik Ilves, however, commonly entertains guests on his farm and has little use for the Paslepa residence.