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Failed Raiffeisen banker Pierin Vincenz (67) needs money. And urgently. It’s not just process costs that are expensive. He also borrowed coal from his colleagues. Fool: Their accounts and other assets, including their villa, are blocked unless there is a legally binding decision. For example, his luxury home in Niederteufen AR. Or the dream villa in Morcote TI. It has a great lake view and access to the lake – including its own boathouse, of course. And yet: the villa is falling apart and needs renovation.
According to real estate circles, the property will change hands for 4.8 million francs. Only: There are blocks called title deed blocks on the real estate, these cannot easily change hands. However, a request has now been submitted to the Zurich District Court to remove this blockage in the land registry of Vincenz’s property in Morcote.
The problem is in the title deed blocks
The Zurich Supreme Court will soon decide on the auction’s approval, financial blog “Inside Paradeplatz” reported. A court spokesman confirmed this to Blick.
Vincenz and his ex-wife Nadja Ceregato are said to have once bought the villa in Morcote for 6.5 million francs. It remains unclear why it should sell now for only 4.8 million. Vincenz’s lawyer, Lorenz Erni, says simply: “No comment.” Even to bad mathematicians it is clear that this would be a losing proposition.
Oversupply of villas in Ticino
If the once much-lauded and respected Raiffeisen boss’s impressive estate does indeed go under the hammer, it will be exciting to see what price it will fetch. According to “Inside Paradeplatz”, there is an oversupply of villas and often high-priced properties in Ticino, which buyers have been searching for for months, if not years.
The financial blog speculates: “Or is an interested party paying a bonus to the Vincenz cult?” This is probably meant more ironically. And a slap in the face to the failed banker. (pbe)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
