Go Back   English Forum Switzerland > Living in Switzerland > Swiss politics/news
Reply
 
Thread Tools Display Modes
  #1  
Old 19.07.2012, 18:29
Junior Member
 
Join Date: Aug 2011
Location: La Jolla CA
Posts: 36
Groaned at 1 Time in 1 Post
Thanked 13 Times in 9 Posts
ForzaLugano has no particular reputation at present
Hotel La Claustra Sells for $1,000

Hotel La Claustra in Airolo Switzerland (Canton Ticino) sells for a meager $1,000, estimated to be worth $3.8m..

http://www.thelocal.ch/page/view/und...way-at-auction

Last edited by ForzaLugano; 19.07.2012 at 18:41.
Reply With Quote
  #2  
Old 19.07.2012, 20:21
Junior Member
 
Join Date: Nov 2011
Location: zürich
Posts: 70
Groaned at 18 Times in 10 Posts
Thanked 33 Times in 22 Posts
halevai is considered unworthyhalevai is considered unworthyhalevai is considered unworthy
Re: Hotel La Claustra Sells for $1,000

Quote:
View Post
Hotel La Claustra in Airolo Switzerland (Canton Ticino) sells for a meager $1,000, estimated to be worth $3.8m..

http://www.thelocal.ch/page/view/und...way-at-auction
... what's he going to do with it .... ?!?
Reply With Quote
  #3  
Old 19.07.2012, 23:23
miniMia's Avatar
Forum Legend
 
Join Date: Apr 2007
Location: romandie
Posts: 8,020
Groaned at 74 Times in 66 Posts
Thanked 5,743 Times in 3,004 Posts
miniMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond repute
Re: Hotel La Claustra Sells for $1,000

The owner might well be surprised he just bought himself a whole boat load of debt.
Reply With Quote
This user would like to thank miniMia for this useful post:
  #4  
Old 19.07.2012, 23:28
Junior Member
 
Join Date: Aug 2011
Location: La Jolla CA
Posts: 36
Groaned at 1 Time in 1 Post
Thanked 13 Times in 9 Posts
ForzaLugano has no particular reputation at present
Re: Hotel La Claustra Sells for $1,000

The Electric bill alone is $60,000 a year.

Quote:
View Post
The owner might well be surprised he just bought himself a whole boat load of debt.
Reply With Quote
This user would like to thank ForzaLugano for this useful post:
  #5  
Old 19.07.2012, 23:31
miniMia's Avatar
Forum Legend
 
Join Date: Apr 2007
Location: romandie
Posts: 8,020
Groaned at 74 Times in 66 Posts
Thanked 5,743 Times in 3,004 Posts
miniMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond repute
Re: Hotel La Claustra Sells for $1,000

Quote:
View Post
The Electric bill alone is $60,000 a year.
I read that. But he might find that he is now the proud owner of outstanding debts that have not been paid off.
Reply With Quote
  #6  
Old 20.07.2012, 00:00
Forum Legend
 
Join Date: Nov 2009
Location: across the big pond
Posts: 2,609
Groaned at 89 Times in 40 Posts
Thanked 1,549 Times in 755 Posts
Anthony1406 has a reputation beyond reputeAnthony1406 has a reputation beyond reputeAnthony1406 has a reputation beyond reputeAnthony1406 has a reputation beyond reputeAnthony1406 has a reputation beyond repute
Re: Hotel La Claustra Sells for $1,000

which I am sure will be paid off once it sells for its real price....

and it was declared bankrupt.....that should take care of most of the costs
Reply With Quote
  #7  
Old 20.07.2012, 08:44
Phil_MCR's Avatar
Forum Legend
 
Join Date: Oct 2009
Location: Zurich
Posts: 9,725
Groaned at 190 Times in 114 Posts
Thanked 9,604 Times in 4,162 Posts
Phil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond repute
Re: Hotel La Claustra Sells for $1,000

wow. look's great. as a troll, i would love to live underground there!
Reply With Quote
This user would like to thank Phil_MCR for this useful post:
  #8  
Old 20.07.2012, 08:51
Phil_MCR's Avatar
Forum Legend
 
Join Date: Oct 2009
Location: Zurich
Posts: 9,725
Groaned at 190 Times in 114 Posts
Thanked 9,604 Times in 4,162 Posts
Phil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond repute
Re: Hotel La Claustra Sells for $1,000

Quote:
View Post
which I am sure will be paid off once it sells for its real price....

and it was declared bankrupt.....that should take care of most of the costs
well, i guess many creditors will have been screwed over by this low price sale.

i wonder what debts are left attaching to the land and properties itself.
Reply With Quote
  #9  
Old 20.07.2012, 08:54
dino's Avatar
Forum Veteran
 
Join Date: Feb 2006
Location: Zurich
Posts: 1,836
Groaned at 35 Times in 28 Posts
Thanked 1,239 Times in 605 Posts
dino has a reputation beyond reputedino has a reputation beyond reputedino has a reputation beyond reputedino has a reputation beyond reputedino has a reputation beyond repute
Re: Hotel La Claustra Sells for $1,000

doesn't bankruptcy imply that all creditors'claims are limited to the proceeds of the auction?

I don't see how the debts could be assigned to the buyer...
Reply With Quote
  #10  
Old 20.07.2012, 08:55
fatmanfilms's Avatar
Forum Legend
 
Join Date: Apr 2010
Location: Verbier
Posts: 10,212
Groaned at 147 Times in 125 Posts
Thanked 6,852 Times in 4,036 Posts
fatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond repute
Re: Hotel La Claustra Sells for $1,000

Quote:
View Post
well, i guess many creditors will have been screwed over by this low price sale.

i wonder what debts are left attaching to the land and properties itself.
All mortgages go with the land, so there is a good chance it has a negative value. At least he has not given any personal guarantees!
Reply With Quote
  #11  
Old 20.07.2012, 09:42
Phil_MCR's Avatar
Forum Legend
 
Join Date: Oct 2009
Location: Zurich
Posts: 9,725
Groaned at 190 Times in 114 Posts
Thanked 9,604 Times in 4,162 Posts
Phil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond repute
Re: Hotel La Claustra Sells for $1,000

Quote:
View Post
All mortgages go with the land, so there is a good chance it has a negative value. At least he has not given any personal guarantees!
if he's very lucky, the bank could have taken possession and this could have been the bank's auction...
Reply With Quote
  #12  
Old 20.07.2012, 10:47
miniMia's Avatar
Forum Legend
 
Join Date: Apr 2007
Location: romandie
Posts: 8,020
Groaned at 74 Times in 66 Posts
Thanked 5,743 Times in 3,004 Posts
miniMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond repute
Re: Hotel La Claustra Sells for $1,000

I guess it also depends if you bought just the hotel or "business". I don't think you can get out of all debt. He'll certainly owe taxes and possibly grants, loans from the government.

It would be interesting to see. But I don't think he's coming away with only dishing out CHF1,000 for this hotel.
Reply With Quote
  #13  
Old 20.07.2012, 11:06
fatmanfilms's Avatar
Forum Legend
 
Join Date: Apr 2010
Location: Verbier
Posts: 10,212
Groaned at 147 Times in 125 Posts
Thanked 6,852 Times in 4,036 Posts
fatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond repute
Re: Hotel La Claustra Sells for $1,000

Quote:
View Post
if he's very lucky, the bank could have taken possession and this could have been the bank's auction...
Even so there may be multiple mortgages 'inhalber', unless you get all the mortgage documents back, you will never know who you owe & how much is outstanding.

I doubt the business was sold as a going concern as it went bankrupt.
Reply With Quote
  #14  
Old 20.07.2012, 11:14
marton's Avatar
Forum Legend
 
Join Date: May 2008
Location: Zürich
Posts: 5,133
Groaned at 89 Times in 76 Posts
Thanked 4,043 Times in 2,235 Posts
marton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond repute
Re: Hotel La Claustra Sells for $1,000

Quote:
View Post
doesn't bankruptcy imply that all creditors'claims are limited to the proceeds of the auction?

I don't see how the debts could be assigned to the buyer...
You need a lawyer to answer this but so far as I understand bankruptcy in Switzerland does not magic all the debts away like it does in other countries....
Reply With Quote
  #15  
Old 20.07.2012, 11:15
Junior Member
 
Join Date: Jul 2011
Location: Earth
Posts: 85
Groaned at 20 Times in 6 Posts
Thanked 12 Times in 11 Posts
martonhajnal is considered a nuisancemartonhajnal is considered a nuisancemartonhajnal is considered a nuisance
Re: Hotel La Claustra Sells for $1,000

It might work for film shooting or a rave party.

However needs quite a few candles...
Reply With Quote
  #16  
Old 20.07.2012, 11:17
miniMia's Avatar
Forum Legend
 
Join Date: Apr 2007
Location: romandie
Posts: 8,020
Groaned at 74 Times in 66 Posts
Thanked 5,743 Times in 3,004 Posts
miniMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond repute
Re: Hotel La Claustra Sells for $1,000

Quote:
View Post
It might work for film shooting or a rave party.

However needs quite a few candles...
I think it's quite cool. But I think there lots of bad news buried* in the files.


(buried, get it? haha)
Reply With Quote
  #17  
Old 20.07.2012, 11:18
fatmanfilms's Avatar
Forum Legend
 
Join Date: Apr 2010
Location: Verbier
Posts: 10,212
Groaned at 147 Times in 125 Posts
Thanked 6,852 Times in 4,036 Posts
fatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond repute
Re: Hotel La Claustra Sells for $1,000

Quote:
View Post
You need a lawyer to answer this but so far as I understand bankruptcy in Switzerland does not magic all the debts away like it does in other countries....
Any mortgages on property remain until they are paid off, it's the same everywhere.
Unsecured debts to a company don't get paid, except for salaries, AHV & pension payments that are insured.
In the UK it has been known for a mortgage to be redeemed for a discount, that wont happen here!
Reply With Quote
  #18  
Old 20.07.2012, 11:18
miniMia's Avatar
Forum Legend
 
Join Date: Apr 2007
Location: romandie
Posts: 8,020
Groaned at 74 Times in 66 Posts
Thanked 5,743 Times in 3,004 Posts
miniMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond repute
Re: Hotel La Claustra Sells for $1,000

Quote:
View Post
Any mortgages on property remain until they are paid off, it's the same everywhere.
Unsecured debts to a company don't get paid, except for salaries, AHV & pension payments that are insured.
In the UK it has been known for a mortgage to be redeemed for a discount, that wont happen here!
Quote:
View Post
I doubt the business was sold as a going concern as it went bankrupt.
You're probably right, which only just makes it less bad. I'd be interested to into the details of this sale!
Reply With Quote
  #19  
Old 20.07.2012, 11:27
fatmanfilms's Avatar
Forum Legend
 
Join Date: Apr 2010
Location: Verbier
Posts: 10,212
Groaned at 147 Times in 125 Posts
Thanked 6,852 Times in 4,036 Posts
fatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond repute
Re: Hotel La Claustra Sells for $1,000

Quote:
View Post
You're probably right, which only just makes it less bad. I'd be interested to into the details of this sale!
I guess all bank borrowings would have been secured, so quite likely 4 million or more outstanding.

I was looking at buying a house in bad condition for 750,000 about 8 years ago, there were 5 outstanding mortgages totalling 1,200,000!
Reply With Quote
  #20  
Old 20.07.2012, 17:15
Junior Member
 
Join Date: Nov 2011
Location: zürich
Posts: 70
Groaned at 18 Times in 10 Posts
Thanked 33 Times in 22 Posts
halevai is considered unworthyhalevai is considered unworthyhalevai is considered unworthy
Re: Hotel La Claustra Sells for $1,000

http://www.ticinonews.ch/articolo.as...8132&rubrica=2
Hotel can only be kept opened 6 months a year. Costs 3.000 fr a month
to manage the house.
Reply With Quote
Reply




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Pro-Swiss Einstein letter sells for $180,000 The Local Swiss news via The Local 0 14.06.2012 10:45
Vintage wine sells for $49,000 in Geneva The Local Swiss news via The Local 1 19.05.2012 12:13
James Bond watch sells for $198,000 The Local Swiss news via The Local 0 15.11.2011 08:18
[NYC][Request] Spending time in LA: renting, or hotel ? Batna1400 General off-topic 0 22.12.2010 10:21
Manchester la la la...... Who grew up watching North West Tonight? hugh_abu General off-topic 72 13.04.2010 15:46


All times are GMT +1. The time now is 14:51.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0