Friday, January 20, 2017

Foreclosed mall once valued at $190M is auctioned for $100

FILE - In this Jan. 11, 2011 file photo, the flare from the gas burn off from a Marcellus shale well is seen over the Pittsburgh Mills mall in Tarentum, Pa. The Pennsylvania mall that was foreclosed on after its owners failed to repay $143 million has been auctioned off for $100.  (AP Photo/Keith Srakocic, File)A Pennsylvania mall that was foreclosed on after its owners failed to repay $143 million has been auctioned off for $100.

Wells Fargo Bank was owed the money from a 2006 loan and submitted the winning bid for the 1.1 million-square-foot Galleria at Pittsburgh Mills on Wednesday. The bank was acting as trustee for MSCI 2007 HQ11, the trust that bought the mall in suburban Frazer Township.. . . more

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