Recently, the Asset Management Company (AMC) once again failed to sell Karim Massimov's two-story house in Astana at auction. Not a single participant registered for the auction.
This is despite the starting price of the mansion being over 1.8 billion tenge, with a total area of 2,877.7 square meters.
The reason why the AMC cannot sell the property may be due to stagnation in the housing market and the reputation of Massimov himself, according to the head of the Kazakhstan Realtors Association.
“Regarding the fact that the house did not sell – we currently refer to the market as stagnant, with a reduced number of transactions. And here is such a property! Does anyone really believe that there are numerous solvent clients for such a large area? Moreover, let's be honest, the house carries the legacy of its previous owner. In general, there won't be many people in the country willing to make such a purchase,” – explained Nina Lukyanenko.
What will the government do if Massimov's house remains unsold?
If the government is unable to sell the mansion, the AMC will employ alternative methods to monetize the asset. This includes renting out the property until a buyer is found or transferring the mansion to a trust management.
“These measures allow the company to respond flexibly to the situation and maintain effective asset management, even if they are not sold at the first auction,” – stated the AMC.
The proceeds from the mansion will be deposited into an account at the Ministry of Finance, known as a special state fund. This fund was established in 2023 to hold returned assets.
Massimov was arrested in January 2022. In April 2023, he received an 18-year prison sentence for treason, attempted power seizure, and abuse of power and office. In June 2024, Massimov requested Kassym-Jomart Tokayev for clemency, but the president denied his request.
Following his arrest, 17.2 million dollars, gold bars, antiques, and 11 business-class cars were found in Massimov's mansion. Additionally, it was revealed that the house was furnished with expensive furniture and appliances valued at a total of 128 million tenge. You can view the former head of the KNB's house here.