Bidding war for Siemens Villa sees only a single bid from approximately 14 million participants.

Siemens Villa in Potsdam Sold at Auction for €13.75 Million

The historic Siemens Villa on the Lehnitzsee in Potsdam has been sold at auction for €13.75 million. The property, which includes the villa and numerous ancillary buildings, is in excellent condition but in urgent need of renovation.

The sale took place in the courtroom of Potsdam District Court, with only one bid placed in the crowded courtroom. The highest bid came from Stefan Peter, who plans to turn the villa into a meditation center.

The property was first auctioned due to monument protection regulations, which prevent a conversion for residential use. The villa, built in 1910 for the family of Carl Friedrich Siemens, the son of the famous industrialist and inventor Werner von Siemens, has a rich history. After reunification, the property stood mostly empty and fell into disrepair. Later, it was used by the Soviet army as a hospital.

After that, the property was used for a long time as a lung clinic. Some buildings underwent initial renovation work, but this was not completed. The property is encumbered with a total of €36 million in debt, with creditors including the Volksbank eG, the state capital Potsdam, the Deutsche Werkstätten D&B GmbH, and the Glass Ingenieurbau Leipzig GmbH.

Peter's bid is below 70 percent of the market value, which is €27.5 million. If the creditors withdraw their objection, they will accept the sale price of €13.75 million. If they object to Peter's bid, a second auction may take place, where the lowest bid of €205,000 could be successful.

The main house was equipped with the best technology of the time, including a height-adjustable glass facade and a vacuum cleaner. If the renovation goes ahead, Peter's plans to transform the villa into a meditation center could breathe new life into this historic property. However, the future use of the property is relatively limited due to it being a garden monument.

Bidding war for Siemens Villa sees only a single bid from approximately 14 million participants.