Recently, a set of Bell Mountain Golf Foreclosure Houses located at the foot of Purple Mountain in Nanjing has attracted widespread attention. Its assessed value is 106.998 million yuan (RMB), and it was auctioned off at a base price of over 74.89 million yuan. The news of the villa’s foreclosure auction has become a hot topic in the auction community.
According to a report by Modern Express, the property has a building area of 1322.99 square meters, with an agreed price of 106.998 million yuan and a starting price set at 74.89 million yuan. The property owes over 300,000 yuan in property fees alone.
The executing unit of this auction is the Gulou District Court in Nanjing. The property is located at 9 Huanling Road, Xuanwu District, Nanjing, and is known to the locals as Bell Mountain Golf.
On December 28th, after 24 hours of bidding, unlike the intense bidding for most high-priced foreclosure properties, this residential property was finally sold at a base price of over 74.89 million yuan. This is equivalent to a 30% discount from the assessed value. The house is currently vacant, and after the auction, the court will deliver it in its current state after being vacated.
The property investigation report disclosed several key risk warnings, with the most notable being the existence of self-built structures within the house. It was mentioned that these constructed areas cannot be accurately assessed, and the legal building area should be determined based on real estate registration. If any illegal constructions still exist at the time of delivery, they will be handed over to the buyer along with the property, and the buyer will have to bear the risk of dismantling these constructions. They must also use the property in compliance with the legally determined scope as per the real estate registration, ensuring they do not infringe on the rights of others or hinder demolition work under the pretext of “current condition delivery”.
Regarding cost responsibilities, the announcement clearly stated in bold that all outstanding property fees, water charges, electricity bills, etc., before the property handover must be borne by the buyer. Specifically, the property fees have been outstanding since January 1, 2023, with a charge rate of 6.50 yuan per square meter per month. Calculated based on the building area of 1322.99 square meters, the overdue property fees amount to over 300,000 yuan. Water charges (property agency fees) have been unpaid since January 1, 2021, while there are no records of overdue electricity bills (collection by the power grid). The announcement also reminded that the potential existence of other overdue fees requires bidders to verify and understand them themselves, with the actual amount owed being the final determinant.
The report mentioned that industry insiders have stated that Bell Mountain Golf, as a top luxury residential block in Nanjing, relies on the scarce ecological resources of Purple Mountain, making its properties still relatively attractive in the market even when sold through foreclosure channels. The successful auction at the base price may be related to factors such as the risks of illegal constructions in the house and high overdue fees. The emergence of this new record also reflects that the rare value of the high-end luxury housing market in the foreclosure field is still recognized.
After the property was auctioned off, the comment section exploded: “Wow, buying a villa is like buying vegetables, and now they even offer an installment for property fees?”
Many netizens are curious about who the buyer is, why the original owner ended up in foreclosure, and how they couldn’t afford the 300,000 property fees. “It turns out the troubles of the rich are having villas that are too big and property fees that are too expensive.”