The White Isle has experienced some seismic changes this year. Space is set to close its doors on October 2 with a spectacular finale. The owners of rival club Ushuaïa, then announced that they would be taking over the legendary venue from next season on, before announcements that Space is set to reopen in San Antonio possibly in two years time.

Now some more massive news, as it has been reported that Pacha Group is up for sale for a cool €500 million. This price includes not only the marquee Ibiza Town venue but also Destino, Lio and multiple locations around the world including Moscow, New York and Buenos Aires.

As reported by Barcelona’s ‘Cronica Global’ website, Pacha founder Ricardo Urgell, who opened the first Pacha near Barcelona in 67 before the Ibiza club in 73, “cannot stomach the Matutes family” who own Ushuaïa, Ushuaïa Tower and the Hard Rock Hotel among others, before taking control of Space next year adding another iconic Ibiza venue to their monopoly board like collection.

The source also added that; “Pacha does not believe in this new idea of a rich Ibiza as pushed forwards by Abel Matutes J, the founder cannot go on anymore, and his children do not want to bear witness to the future. For this reason they are looking for an investor.”