Foreclosed Mall Once Valued at $190M Is Auctioned for $100 | NBC Southern California
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Foreclosed Mall Once Valued at $190M Is Auctioned for $100

Wells Fargo foreclosed last year on the mall, which opened in 2005

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    Foreclosed Mall Once Valued at $190M Is Auctioned for $100
    AP, File
    In this Jan. 11, 2011 file photo, the flare from the gas burn off from a Marcellus shale well is seen over the Pittsburgh Mills mall in Tarentum, Pa. The Pennsylvania mall that was foreclosed on after its owners failed to repay $143 million has been auctioned off for $100. (AP Photo/Keith Srakocic, File)

    A Pennsylvania mall that was foreclosed on after its owners failed to repay $143 million has been auctioned off for $100.

    Wells Fargo Bank was owed the money from a 2006 loan and submitted the winning bid for the 1.1 million-square-foot Galleria at Pittsburgh Mills on Wednesday. The bank was acting as trustee for MSCI 2007 HQ11, the trust that bought the mall in suburban Frazer Township.

    Wells Fargo foreclosed last year on the mall, which opened in 2005. The mall once was worth $190 million but recently was appraised at just $11 million and is slightly more than half occupied. Pittsburgh Mills Limited Partnership defaulted on the loan.

    Wells Fargo and the mall's new owners haven't commented on the purchase.