Insolvent Silver Mountain residential complex in Poiana Brasov, Romania, developed by INR Management Real Estate, was put up for sale by the judicial administrator for EUR 45.5 million. The price is 15 percent lower than in the first auction scheduled for early-May.

In the first attempt to sell the project, set for May 9, the starting price was EUR 53.4 million, but Euro Insol, the company’s liquidator, announced a new auction for May 16, at a lower price, reports local Wall-street.ro.

The Silver Mountain project currently consists of 171 unsold apartments, 176 parking spaces, commercial spaces, restaurant, club, spa & fitness, and a plot of land of 20 hectares.

At the same date, Euro Insol will also try to sell two plots: one of over 1,800 sqm located on Ghe. Ionescu Sisesti street, northern Bucharest, and another one of almost six hectares in Snagov, consisting of 15 lots. The company intended to develop residential compounds on the two plots.

The Silver Mountain resort was started in 2008 by INR Management Real Estate, a company founded by the businessman Dan Fisher.

Irina Popescu, irina.popescu@romania-insider.com