Latvia is auctioning off the House of Moscow, located in Riga, with a starting bid of 3.57 million euros. The funds raised from the sale will be donated to support Ukraine. The auction is scheduled to run from August 20 to September 19.
The House of Moscow, a prominent property in Riga, has been put up for sale by Latvia. The auction will open with a starting price of 3.57 million euros. All proceeds from the sale will be allocated to aid Ukraine. This information was confirmed by Delfi and UNN.
The property in question includes a 966-square-meter land plot and an adjacent building. Bidders interested in participating must make a security deposit of 10% of the initial price to VNĪ SEB banka by September 9, 2024, and submit an application to take part in the auction.
Successful bidders will be required to complete the payment for the property within two weeks of the auction’s conclusion. The Latvian state-owned company, Valsts nekustamie īpašumi, will oversee the transfer of the proceeds to the state budget. Subsequently, these funds will be used to support Ukrainian initiatives.
The House of Moscow, situated in central Riga, was inaugurated in May 2004 by Yuri Luzhkov, the former mayor of Moscow, and Gundars Boyars, the former mayor of Riga. The building served as the Moscow Cultural and Business Center. It was acquired by the Moscow City Hall in exchange for a similar property in Moscow, with Moscow authorities reportedly investing over seven million dollars in its construction.
The center’s activities were managed by a Latvian joint-stock company, which is solely owned by the Moscow government. The annual work plan of the center was personally approved by the Mayor of Moscow.
In the winter of 2024, the Latvian Saeima voted to nationalize the House of Moscow. The property was then transferred to the Ministry of Transport of Latvia’s balance sheet.
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