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Bank of Valletta has filed an application with the court for the re-appointment of sale by auction of Sliema’s Seacliff Bar and Restaurant, which had been adjudged in favour of Michael Zammit last November for Lm320,000.
The amount was never deposited in the courts by Zammit.
The former Seacliff restaurant on Tower Road was auctioned off for Lm320,000 when a court had valued it at the princely sum of Lm750,000, netting its buyer one of the most handsome investments of the year.
Two other adjacent properties were also put up for auction, which included the neighbouring tenement on 219 Tower Rd, valued at Lm250,000 and which went under the hammer for Lm136,000; and the mezzanine on 218 valued at Lm175,000, which went for Lm100,000.
The highest bidder in both cases was Jean-Pierre Saliba, a shareholder in Salina Bay Hotel company, who was represented by lawyer Edward Saliba.
The Seacliff’s auction was ordered by a court following an application filed by Bank of Valletta against Sliema Front Ltd, owned by the Pisani Family, back in March 2006 for a claim of over Lm319,000.
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