||State-owned properties in Greece fall into two categories: a) non-transferable state-owned properties (public property) and b) state-owned properties that belong to the State’s ‘private’ properties which can be managed and sold as real private properties. Private state-owned properties belong to or are managed by several public authorities or public corporations. During last years, these state-owned ‘private’ properties are the subject of privatization programs. The Public Choice Theory approach provides an interesting context for exploring economic, social, political and ethical aspects of the governmental program of privatizations. The Greek National Tourism Organization portfolio of ‘private’ properties, situated in strategic locations, includes 300 plots of land totalling approximately 7,300 hectares, as well as hotels, marinas, health spa installations, casinos, etc. This huge public estate was acquired mainly by expropriations, during the 1960s and 1970s. Although all properties comprise a valuable resource of multi-faceted significance for the national, regional and local economic development of tourism activities, most land plots are undeveloped, while buildings and installations are obsolete. Tourism Development Co. is a public company that was created in the late 1990s, aiming at managing and developing the portfolio of properties belonging to the Greek National Tourism Organization. This paper initially makes a historical overview of how the ‘private’ state-owned land, managed by the Tourism Development Co, was acquired. Then, an examination of the statutory and ideological problems in developing and managing state-owned land follows. Do the aims and objectives of the Company align with the purpose for which the land was acquired? How are public and private interests organized around this public good that is State properties?