Real Estate Blog
The Return of Bosphorus Icons: Les Ottomans Palace and “Beyaz Kosk” Redefine Luxury Real Estate in Istanbul
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The year 2025 witnessed historic real estate transactions along the Bosphorus that reshaped the landscape of luxury investment in Istanbul. The most notable were the sale of Les Ottomans Hotel (Muhsinzade Mehmet Pasha Yalı Palace) in Kuruçeşme, and “Beyaz Köşk – The White Pavilion” in Bebek. These two record-breaking deals reaffirm Istanbul’s global status as a premier destination for acquiring heritage waterfront mansions on the Bosphorus.
Les Ottomans Palace – Kuruçeşme:
One of the most exquisite Ottoman waterfront mansions on the Bosphorus, spanning approximately 4,500 m², formerly operated as a luxury boutique hotel with ten suites. Between June 30 and July 1, 2025, the property was sold at a public auction for ₺3.2 billion, about 4.5 times the starting bid. The buyer was BLG Varlık Yönetim A.Ş., owned by businessman Sardar Bilgili, while the former owner Ünal Aysal announced his intention to challenge the sale in court. Sources suggest that the palace may be transformed into a private elite club, though this has not been officially confirmed.
Beyaz Köşk – Bebek:
Situated on the waterfront in one of Istanbul’s most prestigious districts, the White Pavilion was managed by the Turkish Savings Deposit Insurance Fund (TMSF) as part of the Koza–İpek Group portfolio. After three failed auction attempts, it was successfully sold on October 1, 2025, for ₺1.116 billion (including tax) to businessman Ali Bekmezci, active in the textile and maritime sectors. The mansion is officially registered as a historical heritage property, alongside the neighboring Kahverengi Köşk (Brown Pavilion).
Market and Investment Trends:
Historic properties in Istanbul are protected under Law No. 2863 on Cultural Heritage Preservation, which requires prior approval from the Monument Conservation Board (Koruma Kurulu) for any restoration or modification. Despite these restrictions, such transactions highlight the continued strong demand for Ottoman-era waterfront palaces, combining rarity, historical value, and long-term appreciation.
Frequently asked questions
What were the most notable luxury real estate deals in Istanbul in 2025?
In 2025, Istanbul witnessed the sale of the Les Ottoman Mansion in Kruçeşeme and the White Cottage (Beyaz Kosk) Mansion in Bebek, two of the most prominent historical mansions on the Bosphorus.
What is the Les Ottoman Mansion and where is it located?
The Les Ottoman Mansion, formerly known as Les Ottomans Hotel, is a luxurious Ottoman mansion located in Kruçeşeme on the shores of the Bosphorus, with an area of approximately 4,500 square meters.
How much was the sale of the Les Ottoman Mansion worth?
The mansion was sold at auction from June 30 to July 1, 2025, for 3.2 billion Turkish liras, 4.5 times the opening price.
Who is the new buyer of the Les Ottoman Mansion?
The buyer is BLG Varlık Yönetim A.Ş. It belongs to Turkish businessman Serdar Bilgili, known for his investments in the real estate and tourism sectors.
Where is the White Cottage located, and who bought it?
The White Cottage (Beyaz Kosk) is located in the Bebek neighborhood overlooking the Bosphorus. It was sold on October 1, 2025, to businessman Ali Bekmezci for 1.116 billion Turkish liras.
What is the legal framework governing the restoration of historic palaces in Istanbul?
Historic properties in Turkey are subject to Heritage Protection Law No. 2863, which requires the approval of the Monuments Protection Board (Koruma Kurulu) before any modification or restoration.
Why do Ottoman palaces continue to attract investors despite legal restrictions?
Because they combine architectural rarity, historical value, and a unique location on the Bosphorus, making them a long-term investment with high returns and increasing value over time.
