When will Peter Spuhler's patience run out? Nobody wants to buy Pierin Vincenz's luxury villa in Teufen AR
Pierin Vincenz's villa in Teufen AR has been advertised for sale for two years. An unusually long period, according to experts. As with the house in Morcote TI, it could end up in foreclosure.
No time? blue News summarizes for you
- A villa belonging to former Raiffeisen boss Pierin Vincenz has been put up for sale for two years, with a price range of 10-15 million Swiss francs.
- Normally, properties in this price range are not advertised for more than 6 months, says an expert.
- Stadler Rail CEO Peter Spuhler has lent Pierin Vincenz CHF 6.5 million to pay off a previous mortgage.
- If Vincenz's creditors no longer want to wait for their money, the villa could be foreclosed, as was already the case with his house in Morcote TI.
A modern, cube-shaped concrete building with lots of glass and a surrounding area is waiting for a buyer. Previously, the fallen Raiffeisen boss Pierin Vincenz lived in it with his ex-wife. The villa is located on a sunny slope in the low-tax municipality of Teufen AR, writes the Blick.
Even before he was found guilty of mismanagement as CEO of Bank Raiffeisen in a lengthy court case - the verdict has since been overturned - he had accumulated debts.
Wealthy friends helped him at the time, as was later revealed. For a lavish vacation home in Morcote TI, former media entrepreneur and FC St. Gallen president Dölf Früh lent him 4.3 million francs. When he demanded this back, Vincenz had to foreclose on the house. Früh bought the house himself in April of this year because nobody wanted to pay a price that was acceptable to him. In the case of foreclosures, the proceeds go directly to the creditors.
Vincenz has debts to entrepreneur friends
Something similar could happen with the villa in Teufen AR. The largest creditor in this case is Peter Spuhler, Chairman of the Board of Directors of Stadler Rail. He is said to have lent Vincenz 6.5 million francs so that he could pay off an earlier mortgage for the house.
The luxury property in the most tax-efficient municipality in the canton of Appenzell Ausserrhoden has been up for sale for two years. This is an unusually long time for a property in this price category, a real estate expert from UBS explained to Blick. These are normally sold after six months. However, demand for premium houses has fallen and the market has become more demanding.
When will Spuhler's patience run out?
As long as Spuhler does not want his money back and Vincenz does not urgently need the proceeds from the sale, the house can remain advertised for a long time to come. Otherwise, however, it faces the same fate as the property in Morcote, namely foreclosure.
Blick did not want to give Spuhler any information about his intentions in connection with the loan to Pierin Vincenz. The estate agent who is trying to sell the property in Teufen AR did not want to say anything either.