Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
DETROIT (AP) — One of the companies challenging Detroit's bankruptcy plan says the possible value of the Detroit Institute of Arts' collection is $8.5 billion — a figure that's higher than previous estimates.
The company also says the city owns or controls as much as $1.2 billion in real estate, including vacant property and homes that could be foreclosed upon.
The Detroit News and Detroit Free Press report an art consultant for Financial Guaranty Insurance estimated the DIA collection is worth almost double a previous estimate.
New York-based Artvest Partners LLC said earlier this month that art eyed for sale by some creditors could be worth more than $4.6 billion, but likely would fetch a quarter of that or less in a forced liquidation.
A trial over Detroit's bankruptcy plan starts Aug. 14.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.