Wells Fargo "essentially bought the mall from itself."
A 1.1 million-square foot mall in Pennsylvania has been sold for an astonishing $100 at auction.
The Galleria at Pittsburgh Mills Mall, one of the largest in the state, was bought by Wells Fargo Bank, which foreclosed on the property last year, WPXI-TV reports. The bank was the only bidder for the property at the auction, the station reported, adding that Wells Fargo “essentially brought the mall from itself.”
The mall, located about 20 miles northeast of Pittsburgh, was once worth $190 million but recently appraised at just $11 million. It was opened in 2005 after being developed by Zamias Services and Mills Corp., a Virginia firm that has since gone bankrupt.
Some speculated that Wells Fargo Bank would buy the mall and attempt to revive it, according to the Associated Press. The wire service reported that the mall remains open, though the Pittsburgh Post-Gazette reported that it was only 55 % occupied as of December.
The bank did not immediately comment on its plans when reached by The Associated Press.