Overview

• Businessman Stefan Peter remains the sole and highest bidder with an offer of about €14 million for the Lehnitzsee estate.
• The Volksbank creditor side has applied to deny the award because the offer is below 70 percent of the roughly €27 million valuation.
• If the objection stands, a second auction could follow in which the statutory lowest bid of €205,000 might prevail.
• Withdrawing the objection would result in creditors receiving approximately €13.75 million from the current bid.
• Peter says he plans a meditation center on the roughly 100,000 square meter, heritage-listed property built in 1910 by Otto March for Carl Friedrich Siemens.