The Pinkas Palace on Kampa was auctioned by PPF Reality before Christmas

Prague - The Pinkas Palace in Prague's Kampa was auctioned off before Christmas for 480 million crowns by PPF Reality, which is part of the PPF Real Estate holding. The spokesperson for PPF, Zuzana Migdalová, informed ČTK today. The largest involuntary auction in the Czech Republic to date took place on December 20, with two entities participating; the winner chose not to disclose their identity at that time. The auction was initiated by PPF Bank, and the starting price was ten million lower.

"PPF Real Estate has expanded its property portfolio with this acquisition of another significant property and currently has 26 projects in its portfolio," the spokesperson stated.

PPF Real Estate is part of the investment group PPF and operates in the European and Russian real estate markets. It manages assets worth two billion euros (approximately 51 billion crowns). The PPF group is predominantly owned by the richest Czech, Petr Kellner.

The Pinkas House stands between Čertovka and Charles Bridge and is currently under reconstruction. It was previously owned by Artemis Property, which was also the mortgagee. The property was built on the site of older construction as an early Baroque structure in the second half of the 17th century and was later expanded during the Classicism period. The first mention of the property dates back to 1516.

A few years ago, archaeologists discovered two pillars of the Romanesque Judith Bridge in its cellars. The owner of the palace therefore noted in the auction documents that there are elements subject to heritage protection within the property. These include historical frescoes and the pillars of the Judith Bridge, which are part of the national cultural monument Charles Bridge.

Currently, the property is under reconstruction. The building is designed to have new apartments with modified layouts as well as non-residential spaces, including a museum of Judith Bridge. The estimated costs for completion are 101.4 million crowns, as stated by the company Gaute in the auction documentation.