US mall once worth ₹1,300 crore sold for ₹7,000

A 1.1 million-square foot mall in Pennsylvania, US has been sold for just $100 (around ₹6,800) to US-based lender Wells Fargo at an auction. The mall was once worth $190 million (around ₹1,300 crore). Wells Fargo, which foreclosed on the property last year, was the only bidder and “essentially bought the mall from itself”.

The Galleria at Pittsburgh Mills Mall, one of the largest in the state, was bought by Wells Fargo Bank.

The mall, located about 20 miles northeast of Pittsburgh, was once worth $190 million but recently appraised at just $11 million. It was opened in 2005 after being developed by Zamias Services and Mills Corp., a Virginia firm that has since gone bankrupt.

Some speculated that Wells Fargo Bank would buy the mall and attempt to revive it, according to the Associated Press. The wire service reported that the mall remains open, though the Pittsburgh Post-Gazette reported that it was only 55 % occupied as of December.

US mall once worth ₹1,300 crore sold for ₹7,000 1

US mall once worth ₹1,300 crore sold for ₹7,000 2

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