Riegersburg Castle

Turbulence surrounding Hallmann: Helnwein project wobbles

In 2021, Gottfried Helnwein (left) and Klemens Hallmann bought a baroque moated castle in Lower Austria.

(Bild: Krone KREATIV/Reinhard Holl, Markus Wenzel, Mario Urbantschitsch)

The dazzling real estate investor Klemens Hallmann wants to get rid of his 50 percent stake in an exclusive property in Lower Austria - at an ambitious price.

It was the vision of two men with big plans: in 2021, real estate speculator Hallmann brought star artist Gottfried Helnwein on board to jointly acquire the picturesque baroque Riegersburg Castle in Lower Austria. Their goal? A lavish renovation and the establishment of a creative center for artists from all over the world. But now there seems to be a huge clash between the two owners of the castle.

Hallmann, whose group of companies is apparently going through turbulent times, wants to pull out of the prestigious joint project - and at a fabulous price. According to information from Krone, the head of Hallmann Holding is seeking a price for his share of the listed property that is up to three times his original investment.

Is a dispute between art and capital looming?
But there is one piquant detail: Helnwein has a right of first refusal. This means that before Hallmann can sell his 50 percent stake in the operating company to another interested party, the artist would have three months to take over according to the partnership agreement. However, according to scene insiders, he does not want to get involved in this costly deal. Is there now even the threat of a serious dispute between art and capital?

The fact is: the planned creative oasis in Riegersburg faces an uncertain future. Before Hallmann and Helnwein acquired the property, it was offered for sale for 4.9 million euros. The balance sheet of Betriebs GmbH currently includes property, plant and equipment worth 5.15 million. The net loss for 2023 amounts to a good 883,000 euros.

The Hallmann Group has been rumbling for some time: Shortly before Christmas 2024, a subsidiary of SÜBA AG, which is wholly owned by Hallmann Holding, slipped into bankruptcy.