One of Spain’s Most Expensive Enclaves Is Full of Fixer-Uppers—and Opportunity Among Spain’s four Balearic islands, Ibiza’s got the bling, superstar DJs, and Kardashians. Mallorca’s got Jeff Bezos’s yacht, Michelle Obama and the Spanish royal family. Formentera—the smallest of the Balearics—has none of that. And in an age where privacy has become an even more
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