Terje Rød-Larsen and Mona Juul’s luxurious “Pax Villa” on the Greek island of Paxos cost around NOK 20 million to build. Today, the value is estimated at over NOK 35 million.
If you wish to spend a week in what is described in the rental listing as a “paradise”, it costs NOK 120,000. The Ministry of Finance rejects that Jens Stoltenberg has been in the paradise, but confirms that Mona Juul and Stoltenberg’s spouse, Ingrid Schulerud, are friends.
This is how the property of Terje Rød-Larsen and Mona Juul on the Greek island of Paxos is described:
“Pax Villa appears as a masterpiece of modern design in Paxos’ tranquil south-western area. This 230 square metre paradise combines traditional stone architecture with modern luxury and features two stunning infinity pools that mirror the Ionian Sea below. Four sophisticated bedroom suites, extensive outdoor living areas and floor-to-ceiling windows create an exceptional retreat for the discerning traveller seeking privacy and elegance.”
The website PaxosRetreats, which offers rentals of “handpicked luxury villas” in the top segment, also offers Pax Villa.
Terje Rød-Larsen and Mona Juul’s Paxos paradise. Photo: PaxosRetreats.
If one wishes to rent the place for a week in June, it costs €10,605, or approximately NOK 120,000.
Denies that Jens was in paradise, uncertain about Ingrid
In an email, senior adviser Cecilie Skjennald from the Communications Unit in the Ministry of Finance writes:
“As is known, Stoltenberg’s wife Ingrid Schulerud and Mona Juul are friends. Stoltenberg and Juul have met on certain occasions in that connection. Stoltenberg has had very little contact with Rød-Larsen in recent years. He has never visited the property on Paxos. All questions concerning Stoltenberg’s spouse must be directed to her. Neither the communications department nor the political leadership in the Ministry of Finance respond on behalf of anyone other than the minister. Questions regarding support to IPI must be directed to the Ministry of Foreign Affairs.”
Initially, Document was informed that “If necessary, State Secretary Sissel Kruse Larsen may be quoted as follows”. Thus, it is in fact State Secretary Sissel Kruse Larsen who states this.
State Secretary in the Ministry of Finance, Sissel Kruse Larsen (Labour Party) denies that Jens was in paradise. Photo: Stian Lysberg Solum / NTB.
The background to this response was that Document had posed questions as to how Minister of Finance Jens Stoltenberg would describe his and his spouse Ingrid Schulerud’s relationship to Terje Rød-Larsen and Mona Juul when they had visited the Paxos residence for the first time, and how many times they had visited.
What we were able to confirm is that Mona Juul and Jens Stoltenberg’s spouse are friends. That Ingrid has in fact visited Mona on Paxos has been acknowledged by the latter’s lawyer to Kapital.
But frequented the apartment
If Jens has not been in Terje’s paradise and has not had much contact with him in recent years, if we are to believe Sissel Kruse Larsen, it is in any case documented that Jens Stoltenberg has had much to do with Terje Rød-Larsen’s apartment. The more than 300 square metre apartment in prime Frogner is called “Sverreslottet”.
Jens Stoltenberg has borrowed and stayed in it on several occasions when he has been in Norway. Particularly during the period when he was NATO Secretary General (2014–2024) and lived in Brussels. Both he and his wife stayed there free of charge, as one does with friends.
It was during the same period that Rød-Larsen/Juul rented the apartment from Moritz Skaugen, received assistance from Jeffrey Epstein to purchase it, and built the paradise Pax Villa.
In light of this, it was striking what need Sissel Kruse Larsen has to downplay this friendship through senior adviser Cecilie Schenald.
Her assertion that “Questions regarding support to IPI must be directed to the Ministry of Foreign Affairs” was likely triggered by the fact that Document, in its inquiry to the Ministry of Finance, pointed to the substantial increase in support to IPI through the aid budget after the Stoltenberg II government took office.
It was then that Terje Rød-Larsen in earnest began to reap. According to iNyheter and Nettavisen, Rød-Larsen received salary and remuneration of between NOK 55 and 63 million as head of IPI in the period 2005–2020. IPI received a total of NOK 128 million through the aid budget in the period 1999–2018, but it was under the Stoltenberg II government that the annual support rose to double-digit million amounts.
Therefore, it is relevant to address the financial aspects in their entirety. However, Kruse Larsen directs that issue to the Ministry of Foreign Affairs, where Jonas Gahr Støre was at the time, without, according to his own statement, knowing that Terje Rød-Larsen had his own private foreign policy archive. Whether Espen Barth Eide has anything meaningful to add is likely known only to Kruse Larsen, as Document has not yet attempted.
Sharp increase in value
The question many ask is what it cost to build Pax Villa and what it is worth today? Document consults Google, ChatGPT and Grok. According to Se og Hør, Terje Rød-Larsen purchased the plot in 2015. The villa was completed in 2019. He also purchased the neighbouring plot for NOK 5 million, in order to secure the view and prevent overlooking.
With this information, Document concludes that this project cost the Rød-Larsen/Juul couple €1.7–2 million, which at today’s exchange rate corresponds to NOK 19–22 million. However, they may take comfort in the fact that prices in the luxury segment on Paxos have risen by 50–100 per cent since 2019, driven by international demand. Thus, Terje Rød-Larsen and Mona Juul may enjoy a significant increase in value. Today, the value of this property is estimated at €2.8–3.4 million, corresponding to NOK 30–37 million.
But Jens Stoltenberg has thus never visited the place, if we are to believe State Secretary Sissel Kruse Larsen. Only the apartment “Sverreslottet” in Frogner on several occasions, free of charge, since they are friends, even though Stoltenberg has had very little contact with Rød-Larsen in recent years, according to Kruse Larsen.