Wells Fargo buys foreclosed Pennsylvania mall _ from itself

MarketsAssociated Press

Wells Fargo Bank has purchased one of the biggest indoor malls in Pennsylvania from itself — for $100.

That's how much the bank paid for the 1.1 million-square-foot Galleria at Pittsburgh Mills on Wednesday.

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The mall in Frazer Township, about 20 miles northeast of Pittsburgh, was sold at a foreclosure auction.

Wells Fargo foreclosed last year on the mall which opened in 2005. The mall was once worth $190 million but recently appraised at just $11 million and is slightly more than half occupied.

Wells Fargo foreclosed because Pittsburgh Mills Limited Partnership owed the bank more than $143 million on a 2006 loan.

Observers had speculated the bank — which was the only bidder — would buy the mall and attempt to revive it.

Wells Fargo didn't immediately comment on its plans.