A dilapidated apartment building that has been empty for 30 years – sold for 51 million – E24

But neither side feels particularly satisfied.

In Tøyen, just outside the center of Oslo, is the protected building with a total area of ​​1,680 square metres.

The area is in high demand, and the market is growing for housing, but Hakone's Gate 12 has sat completely empty for more than 30 years.

Behind the worn-out facade lies a bitter struggle between its owners.

Now one owner has finally bought out the other after a forced sale. The price was NOK 51 million, almost double the NOK 26 million valuation.

Ownership conflict

– It's good to close a chapter of the book and move on. “I was hoping to finish the rehabilitation process, but it was stopped,” says Ingvar Brodeli.

He bought a block of apartments with real estate investor Odd Kåre Markegård in 1992.

The farm was actually scheduled for demolition in the 1980s. Instead, several attempts were made to completely renovate the building.

As long as the two were owners, not a single person lived there.

Brodelli and Markegaard have agreed on very little as long as they own the apartment building. Last year, the forced sale was finally decided when Markgaard filed a lawsuit against Broadelli.

According to the ruling by the Oslo District Court, there were more than 20 interested parties and seven bidders when the farm was put on the market.

The end result was that Markegård matched the highest bid, and his companies Oslo Eiendomsinvest and Dovre Prosjekt bought Brudeli's share.

According to the ruling by the Oslo District Court, the value of the building is NOK 26 million according to Verdian's analysis. Brodelli owns 40 percent and will therefore receive 40 percent of the final price of NOK 51 million.

None of the actors are particularly satisfied with the agreement.

– Doesn't that sound like a good deal?

– No, I invested a lot of stock in this. At least I'll get some of it back, says Broadley.

Markegård, who now owns the apartment building with his sons, says he is now preparing for a complete renovation.

– It was empty because of the lawsuits against us. We started some business a few times, but it was worthless. He says: We have to start over.

Lawsuit boom

The background to the forced sale is that Markegård sued co-owner Brudeli last year for NOK 650,000. This is not the first time that the two owners have spoken to the judiciary.

In 2018, they went to court to settle the dispute over ownership stake.

according to Distinctive name The district court concluded that Broadley owned 40 percent.

Markegård doesn't want to get into how much money he thinks the total renovation will cost.

– This process we do not feel particularly responsible for, but in the end it ended this way. He says the prices depend on so much that it would just be foolish speculation.