The Adria Palace in Liberec was sold at auction for 17.5 million crowns

Liberec - The Adria Palace in the center of Liberec was sold today at auction for 17.5 million crowns. The starting price for one of the most valuable interwar buildings in the regional city was six million lower. An expert appraised the building with two underground and six above-ground floors at 15.2 million crowns. Six interested parties, who submitted a deposit, participated in the auction today. The price increased 16 times.
    "It was a very nice auction, even though it was long. I think both the proposer and the creditors will be satisfied with the result. The price is 2.3 million above the estimate," said auctioneer Jaroslav Klokočník. He was also pleased with the number of participants in the auction. "We usually have two to three interested parties, but this is truly an exceptional property in Liberec," he stated.
    The auction winner refused to disclose his plans for the art deco styled building today. However, according to experienced real estate agents, the building in the lower center is suitable for apartments or offices, provided the parking problem is resolved. One of the previous projects included the construction of an underground garage, which was planned to have over 30 spaces for cars.
    The winner has 90 days to pay the purchase price. His biggest competitor was a woman who offered 17.1 million crowns. She wanted to convert the industrial property into a building with civic amenities but did not want to be more specific. "That's all in the past now," she stated. She considers the advantages of the Adria to be its location in the lower center and its history. Her motivation to participate in the auction was also that the grand building has been unused for ten years and detracts from the lower center of Liberec.
    Adria is abandoned due to debts of the previous owner and disputes over ownership. Even shortly before the auction, there was an attempt to thwart the sale with a preliminary decision. "But the court rejected the proposal," Klokočník said. The Adria Palace was sold as part of the bankruptcy proceedings of the company KVS spol.
    With the exception of one store on the ground floor, the building at the corner of Rumunská and Božena Němcová streets is empty. Due to previous maintenance, there is no leaking; however, it still needs a renovation estimated at tens of millions of crowns. The roof requires a complete repair, in one floor, there are collapsed ceilings, and the gas boilers and air conditioning are out of operation. The facade, windows, internal wiring, and floors need to be repaired. Further modifications depend on the intended use of the property. However, one of the first elevators in the city is still functional, and some interwar elements have been preserved in the interior, such as door frames.
    The history of the building dates back to 1880, when it had only one floor. It acquired its current appearance in the interwar period when it was owned by an Italian insurance company. The reconstruction from 1927 to 1929 is considered one of the peak architectural works of Max Kühna. In the past, there was the Moscow cinema in the basement, later called Adria. The palace housed restaurants, discos, and bars, while higher floors served as offices and apartments with terraces as well as a luxury club for gentlemen. The last major renovation took place from 1986 to 1991.