Report for Detroit creditor boosts value of art

DETROIT (AP) - One of the companies challenging Detroit's bankruptcy plan has a higher estimate for the value the Detroit Institute of Arts collection as well as an estimate of the worth of city-owned real estate.

The Detroit News and Detroit Free Press report an art consultant for Financial Guaranty Insurance estimated the collection is worth $8.5 billion. Financial Guaranty Insurance also says Detroit owns or controls real estate worth as much as $1.2 billion.

Earlier this month, an evaluation given to the DIA and the city by New York-based Artvest Partners LLC said 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 overall bankruptcy plan starts Aug. 14.

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