The package includes Vinag's famous 20,000 m2 wine cellar beneath the centre of the city, a new winery in Košaki borough, 55 hectares of vineyards in the vicinity of the city, equipment and the Vinag brand.

The bidding started at EUR 1.8m and the company Zag outbid Šampionka, a company owned by prominent Maribor businessman Sebastjan Vežnaver.

The buyer is James Lukezic, who had previously indicated that he was interested in Vinag and was present at the auction today but would not talk to reporters.

His attorney Katja Peček said Lukezic, who has Slovenian parents and Slovenian citizenship, embarked on the venture with Maribor native Stanka Šmon, who works for the United Nations in New York.

"Lukezic's investment in Slovenian winemaking is long-term, he wants to expand the business and enter the American market with Maribor wines," she said.

The bankruptcy administrator, Simon Prelogar, said he was satisfied with the price. This was the third auction of the assets, with the final price less than half the asking price at the first auction.

The buyer has two months to pay up. The bulk of the funds will be collected by the senior creditors, Raiffeisen bank, the Bank Assets Management Company and the state.