Itxas Gaina
A 1923 Art Deco estate on the cliff at Bidart — five hectares above the ocean, with a transversal view of the Atlantic and a private path to the beach. We are acquiring it to run as a single, culturally programmed private estate: fully private stays, cultural salons, select weekly stays, curated retreats and an artist residency, on one calendar.
Listed at €15.75M and acquired below it, Itxas Gaina is a rare, irreplaceable asset on one of Europe's most supply-constrained coastlines — once a summer house in de Gaulle's circle, who stayed here in 1947.
Five hectares, on the cliff.
- Setting
- 5+ hectares, Erretegia cliff, Bidart
- Outlook
- Transversal Atlantic views · private beach path
- Main house
- Four suites, with capacity for a fifth
- Grounds
- Guest house · guardian's cottage · pool · rooftop terrace
- Architecture
- 1923 Art Deco, restored with restraint
- Provenance
- Hosted General de Gaulle, 1947
Four programs, one calendar.
Private whole-estate stays
Exclusive use of the house and grounds — families, celebrations, and discreet private buy-outs.
Retreats & partnerships
Curated multi-day retreats and brand residencies, hosted with aligned partners.
Cultural programming
Dinners, salons, and seasonal events anchored by a Noma-pedigree culinary direction.
Artist residency
A funded residency run through a separate cultural foundation — the soul of the house.
€15.0M — how it comes together.
| Institutional equity lead family office + strategic co-investors | €8,937,500 |
| Founding patronage non-return capital | €1,750,000 |
| Senior debt — SCI secured · interest-only | €4,112,500 |
| Cultural foundation — DAF philanthropic | €200,000 |
| Total raise | €15,000,000 |
Acquisition at €11.75M, with notaire fees, cliff reinforcement, renovation, reserves and contingency fully funded inside the raise. Held through a Holding SAS, with the asset in an SCI, operations in a separate SAS, and the residency in a fonds de dotation.
Closer to a vineyard than a fund.
| Scenario | Cash-on-cash | Levered IRR | Multiple |
|---|---|---|---|
| Conservative | 5.6% | 9.3% | 2.20× |
| Moderate base case | 7.8% | 13.5% | 3.00× |
| Upper | 10.4% | 17.5% | 3.94× |
Maggie Spicer
Founder of WHISK, with a decade building brands across food, hospitality and CPG. Maggie leads Itxas Gaina end to end — the vision and brand, the capital raise and investor relations, the cultural program and the build. The project is hers, supported by a senior bench of advisors.
Raphaël Renzulli
18 years in French real estate; 5,000+ transactions overseen across a 23-department network (Espaces Atypiques). Founder of La Maison Zulli, Bidart. Advises on sourcing, the acquisition and local execution.
Ben Ing
Ex-Noma (Head Chef) and Eleven Madison Park. Advises on the kitchen, the table and the terroir programming.
Frédéric Lach
Agency Director at Crédit Mutuel, Paris. Advises on acquisition financing and the transaction.
A founding commitment is one-time and non-recurring. Patrons are named in the house, given first access to the calendar, and woven permanently into its story. It does not reopen.
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