Three highest bidders, one winner: Vincenz-Villa went under the hammer twice

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Former Raiffeisen CEO Pierin Vincenz (67) was forced to sell his silverware. On April 11, 2024 the holiday home in Morcote TI will come under the hammer. Creditors were able to submit claims until February 19, and the auction conditions were published this Tuesday.

The legal issues of compulsory auction are clarified in the auction conditions. The peculiarity of the foreclosure auction of Vincenz’s villa in Ticino is that it involves two separate plots of land. House with 368 square meters of living space with views of Lake Lugano on the western slope of Monte Arborstora on the one hand. Its estimated value is 3.4 million francs. On the other hand, a flat of 36 square meters and a boat with an estimated value of 703,710 francs docks down the lake.

In single or double pack

These two parcels will be auctioned twice, once separately and once as a whole package. In individual auctions, the hammer goes to the highest bidder or the highest bidder for both parcels, depending on whether the highest selling price will be achieved on one parcel or on both parcels.

“Such a double call is common in cases where there is more than one plan,” says Markus Zöbeli (53). The debt collection and mayor of Dübendorf ZH has already conducted many foreclosure auctions and knows exactly how they work. Zöbeli says objects are generally less preferred individually. In other words: the overall package can often achieve a higher selling price.

This is exactly the purpose of a forced auction. Because it’s all about finally paying off some of Vincenz’s massive debt mountain. Foreclosure always occurs when the creditor demands his money back. In this case it is Dölf Früh (71). Old FC St. Gallen chairman and real estate entrepreneur helped Vincenz finance the villa in Morcote when Raiffeisen left him.

Early wants mortgage back

Früh eventually wants his money back, including interest. According to the fee list for the auction conditions, the mortgage amounts to 4,225,000 francs. Früh also demands interest for the last three years, i.e. another approximately 583,000 francs. The total amount, including other expenses, is 4.8 million francs.

It is debatable whether this amount can be obtained through compulsory auction. Because, as stated in the report, the property is aging and completely neglected. According to the auction conditions, the starting bid is 10,000 francs per plot. Each additional bid must exceed the previous bid by at least 2,000 francs, otherwise it will not be considered.

Source :Blick