Bank Saint-Petersburg has won a dispute for almost $50 million with three entities from Moscow. At the bank's request, the Moscow Commercial Court also foreclosed on a non-residential building. The initial selling price was set at the level of 953.3 million RUB, and according to public cadastral map, the cadastral value of the facility is 1.22 billion RUB.
Sergei Bakeshin, Head of Dispute Resolution & Insolvency practice at Maxima Legal, explained to Delovoy Peterburg newspaper that the initial selling price is defined by courts on the basis of court expertise, so it may be different from the cadastral value. "The cadastral value of real estate is often overstated. However, such practice is more common for land plots," the expert noted.
