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It must have been a noble holiday home for fallen star banker Pierin Vincenz (67) and his then-wife Nadja Ceregato (54). But it never got that far. This is shown in new photos of the property in Morcote TI released on the occasion of the planned foreclosure auction. For the first time, you can see what the villa overlooking Lake Lugano on the western slope of Monte Arbortora looks like from the inside.
Photos of the rooms do not reflect a luxurious life. On the contrary, the house is in ruins. Visible floors, wallpapers and built-in closets look like witnesses of another time. Bathrooms with colorful floral wallpapers and pink toilets. Wallpaper is peeling off the walls and some floor coverings are badly damaged. According to an assessment of the property, moisture has penetrated the floors and walls of some rooms. It is stated that the renewal of all surfaces was “deemed necessary”.
The villa has never been lived in
The house was built in 1960. It has been expanded several times since then, most recently in 1972. But after that, nothing happened for years. Even when Vincenz bought the villa in 2015. The banker had big plans for the property, which was already in serious disrepair at the time. As this editorial team’s research shows, he wanted to turn it into a new, modern building. But it should never have come to this point.
One can only speculate as to why the urgently needed total renovation was never undertaken. Was Vincenz running out of money? One thing is clear: the banker never moved into the house. He confirms this to the company assigned to evaluate the house.
Vincenz had to take out a loan
The banker had to step down as chairman of Raiffeisen shortly after purchasing the holiday home. He financed the Raiffeisen branch in Lugano with a mortgage loan of 4 million francs. He is said to have ignored affordability rules at the time, according to a criminal investigation. Because Vincenz had other outstanding mortgage loans from his employer at the time, for example for his house in Teufen AR.
At the beginning of 2019, Dölf Früh (71) borrowed 4.3 million francs from Vincenz for the house in Morcote to pay off the Raiffeisen mortgage. The former FC St.Gallen president and real estate entrepreneur now wants his money back. The villa and outbuildings will be seized this April. They are in disrepair, with a boat dock and a small unheated apartment just down the lake.
The value of the house, which has a living area of 368 square meters, is said to be 3.4 million francs. The value of the circular boat dock is 703,710 francs.
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.
