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The facade of the main building. - Bane

  • A building complex of almost 1600 m² of living space located near the Place des Invalides in Paris is up for auction this Thursday.
  • The starting price was set at six million euros.
  • The amount of the sale will allow the JP Morgan bank to collect a huge debt.

It is a ruin that one imagines willingly planted at the top of a hill in the Morvan. And yet, it is located in the 7th arrondissement in Paris, at 12, rue Oudinot to be precise. This exceptional private mansion, abandoned for thirty years, will be put up for auction this Thursday, January 23 at 2 p.m. at the Paris tribunal de grande instance. Starting bid: six million euros. If you win, you will have a three-storey building on the street, an interior courtyard, a villa and a large garden at the back. A total of 1,597 m² of living space over a total surface area of ​​around 2,000 m².

"The location is exceptional," says Maître Bruno Picard, in charge of the auction. In this district, it's 30,000 euros per square meter. The property is indeed located between Le Bon Marché and Les Yvelines, just next to Matignon and is adjacent to the House of Yves-Saint-Laurent. On the other hand, fallen into decrepitude, "the good in itself is rotten", judges the lawyer. "The whole requires major renovations," said the presentation brochure from the Féau real estate firm, which organizes the visits but prefers not to respond to journalists. An understatement when you know that the building on the street has been walled up for many years.

A debt of 35.5 million euros

Behind this exceptional sale lies a dark history of debts involving the American bank JP Morgan and the Dutch company, based in Amsterdam and with the unpronounceable name Beleggingsmaatschappij Belensas BV Now the latter owes 35.5 million euros, without interest, to JP Morgan who seized 12, rue Oudinot to sell it at auction and collect part of his debt.

The main unknown in this sale lies in the final purchase price, knowing that the property was acquired in good condition in 1990 by the Dutch company for the sum of 80 million francs, or 12 million euros per time. How much can he climb? If Me Picard refuses to venture to an estimate, he nevertheless concedes, that "the sale will never cover the debt of his client [JP Morgan]". And among the potential buyers, the lawyer quotes "French promoters, foreign companies, great captains of French industry".

Economy

Buying your house at auction: the way forward

Auction, instructions

The sale will take place this Thursday at 2 p.m. at the TGI in Paris. Each participant must be represented by a lawyer from the bar and has 30 minutes to bid. "With each offer during the auction, the timer is reset to 0, if there are no auctions for 1 minute 30 minutes then the last one who spoke is declared the adjudicator", explains Me Picard. Then from Friday, any person can within ten days go to the registry saying "I put 10% more", this is called overbidding. "Imagine that it starts at 20 million, someone will go to the registry announcing 10% more, then the property will be auctioned again in 3-4 months at 22 million then the procedure resumes with the 1 minute and 30 minutes stopwatch." Until the property finds a seller.

  • Auctions
  • Auction
  • Immovable
  • Paris