WOW Air CEO Skúli Mogensen pledged his home as $3 million of the collateral he used to obtain funds for fresh equity in the airline last year. Wow Air ceased operations in March, though a West Virginia heiress-turned-arms dealer bought the brand out of bankruptcy and has announced an unlikely scheme to fly again.
Now the home at Seltjarnarnes point, near Reykjavík, is for sale. The home is 6780 square feet over 3 stories and is listed at $2 million, so creditors are expected to take a significant loss.