Egypt to auction historic crown compound on October 6
CAIRO - The Egyptian government has announced the auction of a rare crown compound on October 6, which is expected to attract local and international bidders seeking a unique piece of history.
The Crown 6 October Egypt is a highly sought-after complex located in the prestigious neighborhood of October 6 in Giza, adjacent to the Giza Pyramids and the Sphinx. The compound includes a palace, a guesthouse, two pools, a tennis court, a mosque, a cinema, a library, a gym, and lush gardens spanning over 7 acres.
According to the Ministry of Public Business Sector, The Crown 6 October Egypt has a starting price of 1.5 billion Egyptian pounds ($96 million) and will be sold to the highest bidder, subject to the approval of the Cabinet and the Supreme Council for Antiquities.
The compound, which was built by the Egyptian monarch King Farouk in the 1940s and used as a summer retreat for the royal family until the 1952 revolution that ended the monarchy, was later acquired by the state and used as a VIP guesthouse for foreign dignitaries and officials.
"The Crown 6 October Egypt is a unique and prestigious property with a rich history and an exceptional location," said Dr. Hisham Arafat, the Minister of Public Business Sector. "We aim to capitalize on its value and generate revenue for the state, while preserving its heritage and enhancing its potential."
The auction of Crown 6 October Egypt comes amid a series of privatization moves by the Egyptian government, which seeks to boost the economy and attract more foreign investment. Last week, the Ministry of Finance announced the IPO of Banque du Caire, one of the country's oldest and largest banks, offering up to 45% of its shares for sale in the Egyptian stock market.
The Crown 6 October Egypt is expected to attract a diverse range of bidders, including wealthy Egyptians, Gulf Arab investors, and international celebrities and businessmen who are interested in owning a piece of Egyptian royalty and culture. The winning bidder will also have the option to convert the palace into a hotel or a private residence, subject to the regulations and permits of the relevant authorities.
For John Smith, a lawyer specializing in real estate and contracts, the auction of Crown 6 October Egypt represents a rare opportunity and a legal challenge.
"The sale of a crown compound is not an ordinary transaction, as it involves not only the transfer of ownership but also the transfer of the historic and cultural significance of the property," Smith said. "The winning bidder will need to comply with the laws and regulations of Egypt, as well as the international norms and standards that apply to heritage and art objects."
Smith advised potential bidders to conduct thorough due diligence on the property, including its current status, title deed, zoning regulations, and any encumbrances or disputes that may affect its value or use. He also recommended seeking legal advice on the terms and conditions of the auction, the payment methods, and the warranties and representations that may apply.
"The Crown 6 October Egypt is an exceptional compound that can offer the winning bidder not only a luxurious and spacious residence, but also a priceless connection to the past and the future of Egypt," Smith said. "By investing in this property, the bidder can contribute to the preservation and promotion of Egypt's cultural heritage, while enjoying the benefits of a prime real estate asset in a thriving market."