Wow Air’s CEO Pledged His Home as Collateral. Now It’s For Sale.

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.


Credit: OceanVillaIceland.com


Credit: OceanVillaIceland.com


Credit: OceanVillaIceland.com

Called “one of Iceland´s most spectacular residencies” it features a “panoramic seascape [with] city and mountain view” and was designed in 2008 by Grandi Studio with interiors by Selma Ágústsdóttir from Namó Design and Gríma Björg Thorarensen from GBT Interiors. Grandi Studio architects also designed Reykjavík City Hall, Iceland’s Supreme Court building, and Reykjavík Art Museum Hafnarhús. Mogensen purchased it in 2016.

Skúli Mogensen was named Businessman of the Year in Iceland for the years 2011 and 2016.

About Gary Leff

Gary Leff is one of the foremost experts in the field of miles, points, and frequent business travel - a topic he has covered since 2002. Co-founder of frequent flyer community InsideFlyer.com, emcee of the Freddie Awards, and named one of the "World's Top Travel Experts" by Conde' Nast Traveler (2010-Present) Gary has been a guest on most major news media, profiled in several top print publications, and published broadly on the topic of consumer loyalty. More About Gary »

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Comments

  1. Would make an awesome WOW Air lounge. And at only 52 minutes drive from KEF would be faster entry than the being on the wait list for some Priority Pass Lounges.

  2. Lord, if this guy had a personal guarantee like this on the business loans I can only imagine what the terms were on the rate. Libor plus a million for sure. No wonder they went t*ts up.

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