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Offshore company owning mansion on Kamenny Island declared bankrupt
According to the case data, the debtor company is registered in the British Virgin Islands, and in March 2014, a separate subdivision was registered in the Russian Federation by the Interdistrict Inspector of the Federal Tax Service No. 25 in St. Petersburg. According to tax officials, the company owns a building on the embankment. Rechka Krestovka, 5, lanterns. The area is about 1,290 m2, and the area below is 12,000 m2. This is one of nine mansions in a private gated community built by ZAO Kamenny Ostrov, part of the company Gals Development.
Maxim Borisov, managing partner of Impravo, estimates that the property will cost more than 400 million rubles. However, the market value and the actual purchase price can often differ significantly, especially at bankruptcy auctions. For example, during the bankruptcy of the International Bank Saint Petersburg in 2020, the neighboring house was offered for $430 million, but was not sold even for $200 million, the expert recalls.
"In any case, the property is very valuable, and the owner will not allow it to be sold in a bankruptcy case due to a debt of $8 million, which is very economically inefficient," said Maxim Borisov. "Even though the debtor himself cannot pay off the debt, it is very likely that third parties or participants of the debtor will demand 8 million won to prevent the sale," he said.
However, if the auction takes place, the difference in the sale price, depending on the amount of debt and the costs of the procedure, will remain with the debtor and the founder, explains Maxim Borisov.
According to the results of the third quarter of 2024, 14 houses with a total area of 2.8 thousand sq. m. (4% of the total supply of elite housing in St. Petersburg) entered the primary market of elite residential real estate. Aliya Khanbekova, head of the elite real estate department of NF Group in St. Petersburg, revealed the location of Kamenny Island. As of the end of September, the average weighted asking price was 1.2 million rubles / sq. m.
"Development activity on Kamenny Island is limited by urban development regulations, so the emergence of new projects is a significant event. Over the past 20 years, the elite market in this area has been filled with more than 15 mansions and only three residential complexes. There are 112 apartments and flats in total," says Aliya Khanbekova.