House in Morcote TI is in danger: Vincenz’s villa will be foreclosed in the spring

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Finally something is moving in the Vincenz case. Next spring the first creditor would be able to collect money from the fallen star banker Pierin Vincenz (63). The Zurich High Court recently approved the compulsory auction of the villa in Morcote TI. This emerges from the written decision in Blick’s possession. The high court assigned the enforcement office at Mendrisio TI to carry out the enforcement.

According to the request from the enforcement and bankruptcy office of the canton of Ticino, this is planned for “spring 2024”. However, the prerequisite is “the absence of procedural obstacles”. It’s unclear if there will be a public viewing in advance for interested buyers. However, this is common in the case of a foreclosure auction.

You want your money early

Vincenz and his ex-wife Nadja Ceregato (52) bought the villa in 2015, shortly before leaving Raiffeisen. It is said that they paid 6.5 million francs for this. The Raiffeisen branch in Lugano financed the house with a mortgage loan of 4 million francs. According to the criminal investigation, he is said to have ignored affordability rules. Because Vincenz had other outstanding mortgage loans from his employer at the time, for example for his house in Teufen AR.

The driving force behind the forced auction of the villa in Morcote is the real estate company Tecti, managed by Dölf Früh (71). Raiffeisen lent Vincenz 4.3 million francs at the beginning of 2019 to pay off his mortgage. Old FC St. Gallen president and real estate entrepreneur now wants his money back. Vincenz wanted to help early on and seems increasingly frustrated that the mortgage is taking so long to be repaid.

Fear of loss of value

A small interest rate for the mortgage had been agreed upon. But Vincenz soon stopped paying interest, probably because he ran out of liquid assets. The prosecutor’s office froze the former banker’s assets as a precautionary measure.

It was the von Früh company that applied to remove the title deed blockade on the villa in Morcote on July 19, 2023, in order to continue the enforcement proceedings and have the seizure made by the enforcement office. Moreover, the value of a house that is uninhabited and in need of renovation decreases day by day.

The court followed this argument because under the law “items subject to rapid wear or requiring costly maintenance” can be destroyed immediately. Other parties had no objection to this.

Since the villa is put up for auction, the proceeds from the sale go primarily to the so-called lien holders. In the Vincenz House case, Dölf Früh is the creditor of the mortgage secured by a mortgage of 4.3 million francs. If any excess is obtained beyond this, it will be added to Pierin Vincenz’s blocked assets. This means Vincenz’s other creditors continue to get nothing.

Does the Supreme Court reject the decision?

Something may also happen earlier than expected in the appeal process before the Zurich Supreme Court. According to those involved, the court is examining the case with an open mind. This means that it may also be possible to reject the decision. This means the entire case must be reopened. The rejection decision may be made by the end of this year.

Otherwise, the appeals process will take place in the summer or even autumn of 2024, as various interested parties currently expect.

Source :Blick