Sabina Estates, the luxury residential development in Cala Tarida, Sant Josep, was established in 2015 by British property entrepreneurs Anton Bilton and Glyn Hirsch alongside Spanish businessman Agustín del Pino Velasco. Eleven years later, changes to the company's public presentation and the departure of Del Pino from six Spanish company directorships have brought renewed attention to the people and corporate structure behind the project.

The development is operated through a network of companies in Spain and the United Kingdom, with its British holding company wholly owned by Sabina Estates Limited, a company registered in Guernsey. The group has also attracted attention because of its historical connection to the Woodford investment fund and Del Pino's involvement in the Nummaria tax investigation, a separate legal matter connected to another Ibiza property development.

The available records provide a picture of the group's founding history, corporate structure and recent administrative changes. They do not, however, establish that Del Pino has sold any ownership interest in Sabina Estates or that the company's Guernsey registration indicates any wrongdoing.

Three Founders Behind the Cala Tarida Development

Sabina Estates was established in 2015 by Anton Bilton, Glyn Hirsch and Agustín del Pino Velasco.

The company's own website describes its creation as the work of three experienced property professionals who wanted to develop a luxury residential environment in Ibiza. Its historical account concludes by naming Anton, Glyn and Agustín as the project's founders.

Bilton and Hirsch have prominent roles in the company's current public presentation. Bilton is identified as non-executive chairman, while Hirsch is listed as a non-executive director.

Both have backgrounds in international property development and business. Their professional histories include links to Raven Property Group, an international real estate company historically associated with property investments in Russia.

Del Pino's previous corporate biography described his involvement in the Ibiza luxury property market, including the Cala Conta development, a separate residential project on the island. The company's historical account also identifies him as one of the people who acquired the land for Sabina in 2015.

There is, however, a difference between the company's various public profiles. While its website's historical account names three founders, its LinkedIn company profile identifies Bilton and Hirsch as the founders. The current website also gives detailed individual profiles to those two men, while Del Pino's former profile is no longer accessible.

These differences indicate a change in the way the company presents its leadership and history, but they do not establish when or why Del Pino's public profile changed.

A Corporate Structure Based in Guernsey

Sabina Estates operates through an international corporate structure.

According to the group's consolidated accounts for 2025, Sabina Estates Group Holdings Limited, a company registered in the United Kingdom, is wholly owned by Sabina Estates Limited, which is registered in Guernsey.

The British holding company was incorporated on 16 November 2015 and remains listed as active on Companies House, the UK's official company register.

The structure sits above the Spanish companies involved in the development and management of the Cala Tarida project. These include Sabina Estates Tarida SL, one of the principal Spanish companies associated with the development.

The use of a Guernsey holding company is a corporate structure detail, not evidence of illegal activity. The available company records establish the ownership relationship between the Guernsey and British entities, but do not provide a complete picture of the ultimate beneficial ownership or the individual shareholdings behind the Guernsey company.

Agustín del Pino Leaves Six Spanish Company Directorships

One of the most significant recent changes concerns Agustín del Pino's registered administrative roles within the Spanish companies linked to Sabina.

The Official Gazette of the Spanish Mercantile Registry, published on 22 October 2026, records his departure as a joint administrator from six companies. The corresponding company registrations were made on 14 October.

The six companies are:

• Sabina Estates Tarida SL

• Sabina Ibiza Investments SL

• Escloves Real Estate SL

• Ipomea Real Estate SL

• Lis Ibiza Investments SL

• Socrota Real Estate SL

The changes include Sabina Estates Tarida SL, one of the principal Spanish companies associated with the Cala Tarida development.

Earlier company filings from March 2026 had recorded a restructuring of administrative arrangements at several businesses connected to Sabina. At that stage, Del Pino moved from sole administrator roles to joint administration alongside other individuals and corporate representatives.

The October registrations represent a further change in his formal position within the six companies.

It is important to distinguish between company administration and ownership. The registry entries establish that Del Pino ceased to hold these directorships. They do not, on their own, demonstrate that he sold his shares, ceased to be a founder or ended every connection with Sabina Estates.

Del Pino's Previous Involvement in the Nummaria Investigation

Del Pino's business history also includes his involvement in the Nummaria investigation, a major tax case examined by Spain's National Court.

The investigation concerned alleged tax offences involving corporate structures established or used by clients of the Nummaria tax advisory firm, led by tax adviser Fernando Peña.

Del Pino was named in prosecution material connected to the case. The documentation included Ibiza Investor SA, a company associated with the development of luxury properties in Ibiza. That development was Cala Conta, not Sabina Estates in Cala Tarida.

The distinction matters: the Nummaria proceedings concerned alleged tax arrangements linked to a separate business and should not be presented as a legal case against Sabina Estates.

The National Court issued Criminal Judgment 18/2025 on 4 July 2025. However, the published judgment available for review does not list Del Pino among the defendants identified in the trial proceedings. It therefore does not provide sufficient grounds to state independently that he was acquitted by that particular judgment.

His precise procedural outcome requires confirmation from the relevant judicial record. Being named in earlier investigation or prosecution material is not proof of criminal responsibility, and no finding of guilt against him should be inferred from that history.

Sabina's Historical Connection to the Woodford Investment Fund

The development's financial history also includes an investment by the Woodford Equity Income Fund, managed by British fund manager Neil Woodford.

The UK's Financial Conduct Authority confirms that the fund first invested in Sabina Estates Limited on 17 December 2015. Sabina's shares were subsequently listed on the International Stock Exchange in Guernsey on 28 December 2017.

The Woodford fund later faced serious liquidity problems and was suspended in June 2019. Its investments in less liquid assets became a central issue in the regulatory scrutiny of the fund's management.

Financial publication Citywire reported in November 2019 that the fund had been forced to sell its stake in Sabina Estates at a substantial discount. Its report described the transaction as a half-price sale.

The precise buyer and transaction structure should not be assumed from the available reporting. In particular, the claim that Sabina itself repurchased the stake for approximately €50 million requires further documentary confirmation.

The Woodford connection nevertheless forms part of Sabina's investment history and illustrates the involvement of external investment capital during the development's early years.

A Changing Corporate Picture

Sabina Estates has developed into a major luxury residential project on Ibiza's western coast, but its corporate history is more complex than the public-facing development suggests.

The company was founded by three entrepreneurs, while its current public presentation focuses on two. Its corporate structure extends through Spanish and British entities to a holding company registered in Guernsey. Meanwhile, official Spanish company records confirm that Agustín del Pino ceased to be an administrator of six companies connected to the project in October 2026.

His earlier involvement in the Nummaria investigation relates to a separate property business and must be distinguished from the activities of Sabina Estates. The available evidence also does not establish that his recent departures from company directorships amount to a sale of his ownership interests.

Taken together, the corporate filings, company history and investment records provide a clearer understanding of the people and business structure behind the Cala Tarida development, while leaving some questions about the group's current ownership and the precise circumstances of its historical investment transactions unanswered.