ISTANBUL - There were no buyers for the mansion of Kemal Uzan in Istinye district of Istanbul which was put to sale by the Savings Deposit Insurance Fund (TMSF).
The mansion was offered for sale at an estimated value of 25,750,000 YTL (almost 17.2 million USD).
The tender for the mansion received no bid and another auction will be held to sell the mansion on September 12th.
The old name of the five-storey mansion was "Ahmet Afif Pasha", officially registered as "ancient monument".
The fund seized more than 200 companies belonged to the Uzan family as they had failed to repay debts of more than 5.5 billion USD.
The Uzans were accused of being involved in bank fraud (Imar Bank), embezzlement and irregular off-shore transactions. The Uzans` interests ranged from media to telecommunications and construction materials.
The family`s then mobile telephone operator, Telsim, a leading operator in Turkey, was one of the 219 institutions seized.
An investigation into the Uzan-run Imar Bank, which was later closed down, revealed a huge deficit, established that the company hid the real number of its clients and sold non-existing treasury bonds.
Kemal Uzan`s elder son Cem Uzan, unconnected with the Imar Bank fraud, is the leader of Youth Party (GP) which has recently gained a seat in the parliament when Emin Sirin, an independent deputy from Istanbul, joined the party on September 28th.