Owner of foreclosed property attempts to destroy building

The Tokyo Branch of the National Tax Agency (NTA) had seized an office building due to the owner’s non-payment of taxes. Immediately prior to the public auction, the owner damaged part of the building and removed electrical wiring and the air-conditioning system and effectively rendered the building unusable. The auction was delayed for 3 months and re-listed at a lower price. According to the NTA, this is an unprecedented situation.

The empty 10 story building in Kofu City, Yamanashi Prefecture, was purchased in June, 2009, by a female operator of a nursing care company. The new owner planned to demolish the current building and develop an aged-care rental apartment complex, with a total estimated cost of 2 ~ 4 billion Yen (25.6 ~ 51.2 million USD). However, due to non-payment of taxes, the building was seized by the Tax Agency.

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[Foreclosed] Toranomon Towers Residence Penthouse

Court Evaluated Price: 300,860,000 JPY 
Size: 215.33sqm (2,300 sqft)

The unit is on the top floor of Kajima Corporation’s Toranomon Towers Residence. The corner unit overlooks Tokyo Tower and includes use of wine cellar and trunkroom. As of September, 2010, there were no unpaid management/building association fees.

The unit is currently held in corporate name with the company director and his family residing in the apartment. The occupants do not have a lease agreement with the company but are residing in the apartment free of charge. Evicting occupants in a foreclosed property can sometimes prove difficult.

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