class = “sc-cffd1e67-0 iQNQmc”>
Morcote TI is a small village on the shores of Lake Lugano. Everyone who owns a holiday home here is among the richest people in the country. The upper classes of German-speaking Switzerland and Germany spend their holidays and even retirement in Morcote. The address where interested parties and spectators gather today is probably the most famous address in the village.
It is the former holiday home of former Raiffeisen CEO Pierin Vincenz (67) and his then-wife Nadja Ceregato (55). On Thursday, property on the western slope of Monte Arbortora was available for viewing, including a boat dock with an apartment right on the lake. The property will be foreclosed in April. Blick leaves the fog of Zurich behind and heads for sunny Ticino.
What is the value of the villa?
Everyone coming here today wants to see if it’s worth bidding on April 11, 2024. Although much has been written about the villa and its current prominent owner in the media, the fuss on show day is limited. About 15 people wanted to look at the properties from the inside. It included a family of three, two couples, a mother, her daughter, and a few neighbors. From the conversations, Blick learns that besides the residents of Ticino, there are also German-speaking Swiss.
When entrepreneur Paul Emil Schwerzmann (64) arrives, he is not impressed by the location of the villa. “The house is on a steep hillside, with no direct access to the lake,” he says. The sun only appears here in the afternoon. “I will not offer more than 750,000 francs!” A participant who did not want to be named shares the same opinion: “It is not worth more than 1 million!”
Retired banker Georg Wenger (62) has a different view. He once owned the forest next to the villa. “The land alone is worth 3 million,” he says. However, Wenger does not want to make an offer in mid-April. He’s more interested in who comes to look at the house today.
Interested parties and audiences
There are also two police officers at the scene. They strictly control no photography on the property. Pictures will probably be the biggest asset you can take with you from here. Because the house is completely empty and neglected. There are cobwebs everywhere, the walls are falling apart, the basement is flooded and there is animal feces on the floor. Other than the photos, there’s nothing you can miss here.
Or were the police expecting there to be a large number of spectators? Maybe. But these did not happen. It can only be assumed that the owners of neighboring properties are here more out of curiosity. They don’t care at all about the house itself. Very good, but further down at the boat dock. The small lakeside property, with its dock, anchorage and 1.5-room apartment, is much more desirable than the dilapidated hillside property. The secret star of the day, so to speak.
Everybody wants the boat spot
There are even people who just tour the boathouse. Some people dream of a little rest by the lake. Some are looking for a place to moor their boats. One of the participants has a house across the lake; Of course, it would be nice to cross the lake by boat and dock directly here.
Even those who are only interested in boating will have a chance on April 11. Properties are auctioned once individually and once as a package. Generally the better offer will be accepted.
“See you at the foreclosure auction!”
The estimated value of the villa is 3.4 million francs. Whether there was that much to offer at the foreclosure auction remains debatable. One thing is for sure: whoever wins the bid will have to invest a few more million in the house after purchasing it.
Things are different in the boathouse. There, it is possible to exceed the estimated value of 700,000 francs at the foreclosure auction. In each case, a participant loudly declares when leaving the lake property that he has prepared a check for the deposit.
However, the villa, which needs renovation, also finds a lover. “I already feel at home,” says Schwerzmann with a wink as he leaves the house. “See you at the foreclosure auction!”
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.
