265 million euros for 'Edificio Espana'

Spain's ghost skyscraper has finally found an owner. China's richest man Wang Jianlin has bought the historic building from Madrid for 265 million euros. The emblematic skyscraper was empty since 2006.

The 25 story tower was built under the dictatorship of General Francisco Franco and it was completed in 1953. The skyscraper dominates even today the view in Plaza de Espana in western Madrid. The former owner of the building was the Spanish Bank Santander who paid for it 389 million euros in 2007.

It was a clear symbol of Spain's booming real estate business that fell apart a few years ago. Spanish and Madrid officials had expressed hope that this deal could bring back some life into the neighborhood and a key part of the city. Ana Botella, Madrid's Mayor announced two days ago local authorities will allow public buildings to be privatized and converted into shops.

According to Bloomberg's 2014 rich list, Wang Jianlin clinched the 87th position with an estimated worth of 12.5 billion dollars. He became the owner of the largest cinema operator in 2012 after he bought AMC Entertainment for 2.6 billion dollars. He is the chairman and founder of Dalian Wanda, a Chinese conglomerate with interest in commercial property development, but also has businesses in tourism, hotels and retail.