John Rigas’s `Taj Mahal’ sold for $3.4 mn, One-Tenth of Asked Price
Miles away from India’s heritage monument Taj Mahal that has made to world’s seven wonders list, a namesake is being sold in a small Pennsylvania city and to the unfortunate seller could generate only one-tenth of the demanded price. This four-storey estate spread over 72,000 square feet in the town of Coundersport, US, was once the corporate headquarters of Adelphia Communications Corporation. Much against the seller’s expectation of $30 million, it invited the highest bid of $3.4 million in an auction that invited our curiosity for the past three weeks. The building is known as ‘Taj Mahal´ or mausoleum among the nationals.
The building was tagged as the Taj Mahal as Adelphia was dipping into bankruptcy before it could domicile the company’s office. It was constructed by Adelphia founder John Rigas before the company sleeved for bankruptcy in 2002 amidst accusations of an internal fraud and debt increasing to billions of dollars. The construction work was still in the process when Adelphia, sank into bankruptcy.
Via Bloomberg
Tags: Antique, Auctions, Luxury You can follow any responses to this entry through the RSS 2.0 feed.
Leave your response!