U.S. Firm Pays USD 15 mln for Krtsanisi Governmental Residence

Today the Georgian government and a New York-based group of businessmen signed an agreement over the privatization of the Governmental Residence located in the Krtsanisi district of Tbilisi.
 
The Krtsanisi Residence, which includes 10 apartments, conference halls and a total of 44 hectares of land, was sold at USD 15 million.

The Georgian Economy Ministry reported that the U.S. firm is called the Basel Group, LLC and is based in New York.
 
According to the agreement, the Basel Group will pay USD 2 million to the Georgian side sometime over the next couple of days, while the remaining 13 million dollars will be paid within the next 9 months.
 
The Residence was used for official meetings and also served as a residence for Eduard Shevardnadze during his presidency. The ex-President still lives in one of the apartments of the Krtsanisi Governmental Residence. However, the apartment currently occupied by Shevardnadze was not included in the privatization deal.