Someone Just Bought An Entire Shopping Mall For $100

Someone just hit the jackpot.

A mall in Pennsylvania that once had a value of $190 million was just auctioned off and the winning bid was $100.
The 1.1 million square foot Galleria at Pittsburgh Mills had been foreclosed after its owners failed to repay $143 million.

The money was owed to Wells Fargo bank from a 2006 loan. The bank had foreclosed last year on the mall, which opened in 2005. Today the galleria is appraised at around $11 million.

Wells Fargo Bank acted as a trustee for MSCI 2007 HQ11, the trust that bought the mall in suburban Frazer Township.

Disclaimer: We have no position in Wells Fargo & Co. (NYSE: WFC) and have not been compensated for this article.