The Pinkas Palace on Prague's Kampa was auctioned for 480 million crowns

Prague - The Pinkas Palace in Prague's Kampa was auctioned off in the largest involuntary auction in the Czech Republic for 480 million crowns. The starting price was ten million lower. Two entities participated in the auction, and the winner chose not to disclose their identity. The auction took place today at the InterContinental Hotel in Prague. The auction was proposed by PPF Bank, and the property was previously owned by Artemis Property, which is also the pledger. The building is currently under reconstruction.

The bidding lasted five minutes. "After two bids, the largest involuntary auction in the Czech Republic was completed. The entity that obtained the auction item chose not to disclose their identity. There were two entities and two bids were made. The auction winner now has 60 days to pay the purchase price. After that, their name will be available in the land register," said Petr Bartoš, spokesperson for the real estate company Gaute, which is handling the sale.

The minimum bid was five million crowns, and the interested party had to deposit a bidding security of 48 million crowns.

Involuntary auctions are conducted according to the Public Auctions Act at the request of the auction creditor, whose claim is secured by a lien on the auctioned property, and whose claim is confirmed by an enforcement title, most often a court decision.

The previous largest starting price in an involuntary auction was for the sale of an industrial complex in Brandýs nad Labem in October 2010. It was 284.4 million crowns, and the property was ultimately acquired by the company Komura from the CPI group for 340 million crowns. In September 2012, the involuntary auction of the Olomouc City shopping center started at 215 million crowns. The complex was acquired by Mint Investments for 373 million crowns. According to data on the central address website, the starting price in involuntary property auctions has never exceeded 300 million crowns.

The largest voluntary auction took place in January 2007. The complex of the bankrupt Zbrojovka Brno was bought by the J&T investment group and the CPI development company for 707 million crowns. The starting price was set at 352 million crowns.

The Pinkas House, also known as the Powder House, is located between the Čertovka River and Charles Bridge. It was built on the site of earlier buildings as an early Baroque structure in the second half of the 17th century and was subsequently expanded during the classicism period. The first mention of the building dates back to 1516.

Several years ago, archaeologists found two pillars of the Romanesque Judith Bridge in its cellars. The palace owner therefore notes in the documents for the auction that the building contains elements subject to heritage protection. These include historical frescoes and the pillars of the Judith Bridge, which are part of the national cultural monument Charles Bridge.

The building got its name first from the burgher Prachar, who owned it in 1557. It was then named after the Pinkas family, who owned it from 1815 to 1908.

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