by Arthur Yernjakyan
On July 2, the Karen Demirchyan Sports and Concerts Complex was put up to auction again, the Judicial Acts Compulsory Enforcement Service (JACES) reports. This is already the fourth auction. The previous three ones had no customers.
Now the starting price of the lot is 14 bln 106 mln 150 thsd AMD. Applications can be submitted till July 14. The previous starting prices were 15,673,500,000 AMD; 17,415,000,000 AMD, and 19,350,000,000 AMD.
Earlier the Judicial Acts Compulsory Enforcement Service of Armenia (JACES) reported that in accordance with the order of enforcement submitted to JACES by the fist instance court of Kentron and Nork-Marash administrative districts, over 10.207 billion AMD was to be collected from the Karen Demirchyan Sports and Concerts Complex in favor of the Republic of Armenia. The debtor's property appraisal was examined on 15 April 2014.
In the meantime, on May 21 the PR Department of the Sports and Concerts Complex disseminated a statement saying that the e-auctions launched by JACES were "illegal". The company disagreed with the market price (25.8 billion AMD) estimated by Best Realty LLC registered in the offshore zone in Panama.
To note, the total area of the Complex (built in 1983) is 46335.7 sq.m., exclusive of the subsidiary facilities. In 1985 the building of the Complex was damaged by a fire and opened only after renovation in late 1987. The building was renovated by BAMO construction company (Russia).