The government of Armenia ruled to transfer Karen Demirchyan Sports and Concert Complex to the Ministry of Defense under the property against debt program.

Deputy Minister of Finance Pavel Safaryan submitted a relevant draft decision to the government, Tert.am reported.

Karen Demirchyan Sport and Concert Complex (SCC), one of Yerevan’s architectural landmarks, was put up for action in late May.

The bidding price for the Complex built in 1983 was set at AMD 19,350,000,000 (around $47 million). According to the website, the auction closes on May 29.

The description of the auction lot says that the complex situated in Yerevan’s Kentron district is a seven-storied building with a total area of 46335.7 square meters and other auxiliary structures and territories. It says that the building was an object of mortgage, Armenia Now reported.

The SCC owners were rumored to have taken out a $20 million loan secured on 75% of the Complex.