The electronic auction for the sale of the property of the Yerevan Sport and Concert Complex has not taken place because no bids have been made, Spokesperson of the Judicial Acts Compulsory Enforcement Service Rima Yeganyan told ArmInfo on Thursday.
"The auction was open for all but no bids were made. So, the lot will be put up for resale within the next three days, with the starting price will be 10% lower than the initial one," Yeganyan said.
The initial price was 19.350bln AMD or $46.8mln.
Yerevan Sport and Concert Complex owes the Government as much as 10.2bln AMD. The market value of the complex is 25.8bln AMD. The complex was built in 1983 and covers an area of 46,335 sq m.