The iconic InTempo skyscraper has been put up for sale after a ruling made by Alicante’s Mercantile Court No. 1 approved the administrative proceedings proposed by the building’s former owner Olga Urbana as the developer entered into bankruptcy.
Construction work began on the building in 2006 and the unfinished high-rise tower with its inverted golden cone dominates Benidorm’s skyline with many now considering it as a monument to the excesses of the Spanish property boom.
There has been no guide-price set for the sale but the skyscraper was recently valued at €90 million. Any interested parties must put down a deposit of 1% of the value of the building and the accepted offer will have to be either paid in cash or come with payment guarantees.
The auction of the building which is currently an asset owned by the Spanish “bad bank” the SAREB, is intended to recover at least a portion of the €100 million debt on the property and simultaneously get it off the books of the state owned bank.
The proposals of the InTempo’s main creditors including the SAREB, Banco Sabadell and Abanca were all rejected by the Alicante courts in favour of the developer’s administrators although the request made by another creditor that the building be sold in its entirety and not as individual units was accepted.