Villa Madama was bought for €1.6 million by a certain Paul Vella from Mosta in a court auction yesterday.
The sale by auction was fixed by the civil court in May on an application by Lombard Bank. The place was valued at €1.65 million.
Villa Madama belongs to Venues Co. Ltd, which has run into financial difficulties leaving creditors, including Lombard, high and dry.
There were only two bidders yesterday: Lombard Bank and Mr Vella.
Throughout th… (View original article)