Troubled Rác Bath To Be Auctioned Off - HUF 5 Billion Starting Price

  • 16 Mar 2021 11:20 AM
  • Hungary Around the Clock
Troubled Rác Bath To Be Auctioned Off - HUF 5 Billion Starting Price
State-owned receiver Nemzeti Reorganizá¬ciós has announced that it will auction off Rác Nosztalgia, the company which owns the modernised but never opened Rác Bath at the foot of the Gellért Hill in Budapest, Népszava reports.

The newspaper adds that the auction is announced at a time when the city of Budapest is not in a financial position to bid.

The online auction of the spa bath and adjacent 67-room hotel starts on March 26 and ends on April 12.

The initial asking price is Ft 5 billion.

The land under the complex is owned by the city and the thermal spring by the Budapest spa company BGYH.

The state, the city and BGYH have pre-emptive rights to purchase the spring but not the hotel.

As creditors, the city of Budapest will claim Ft 335 million from the sales price, the investor Rác Beruházó Ft 1.6 billion, and BGYH Ft 94 million and €23.3 million.

The renovation of the spa and the hotel construction was completed in 2011, but the facility has remained empty due to legal dispute.

MTI Photo: Zoltán Máthé

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