PANAMA’S ICONIC convention center ATLAPA, is once again on the chopping block at a bargain basement price leaving a big hole in projected government revenue.

 Local businessmen are negotiating the sale of the building, with the Tourism Authority which the legislation states must be sold at $62 million, after the three previous auctions failed.

The third attempt by the Authority to the Convention Center, fell flat with no one willing to dig deep into their pockett  to come up with the already reduced $82 million asking price.

It must now be sold at for $62 million.half its estimated value, A group of investors is in negotiations with the ATP to acquire the building and is expected to present its proposal in the coming days.

"According to Law 22 of June 27, 2006 on Public Procurements, after three attempts to auction, the property must be sold directly for 50% its value."
Under this rule, explains an article in Prensa.com, "the property would be sold at $62 million, a bargain compared to the $124 million originally proposed."

"Solomon Shamah, administrator of the Tourism Authority of Panama(ATP), confirmed the unilateral negotiation with local entrepreneurs, but gave no details of the points discussed, nor did he reveal the identity of the persons concerned " said La Prensa