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One of the largest malls in Pennsylvania, the Galleria at Pittsburgh Mills, sold on Wednesday for just $100, The Street reported.
Wells Fargo won the bid on the property one year after it foreclosed on the mall. According to The Street, Wells Fargo bought the mall from itself in a credit bid to give the bank more control of the sale of the foreclosed property.
Translation: It wasn't a real sale. You could not have bid on it. It's an accounting trick. And the entire news article is click-bait bullshit.
Looks like 140 million plus in loans and fees alone-not to mention past due property taxes, utilities etc. I wonder if someone ought it for 200 bucks -do they get the 140 million debt too or just declare bankruptcy?/
Already mentioned in this thread:
/1300922/major-malls-on-brink-as-major-retailers-to-announce-thousands-of-store-closings
http://finance.yahoo.com/news/shopping-mall-sells-just-100-224300820.html