In 2001, three years after Ferimport had entered administration, it was sold for 6 million euros to Peter Doimi de Frankopan, a British real estate investor who claimed lineage to the House of Frankopan, a Croatian aristocratic family thought to be extinct in the 17th century. Frankopan had plans for a large scale reconstruction of the building, but the initial concept (which entailed a complete redesign of the façade and the addition of panoramic elevators, spiral staircases and a few extra floors), was rejected by the city's institute for the protection of cultural heritage. The project was then delayed for four years until a revised renovation plan was finally approved by city authorities in December 2005.
