Armenia has decided to auction its foreign ministry building, the government press service said Wednesday.

Government House No. 2, with a total space of 14,200 square meters, also houses the Armenian Ministry of Territorial Administration and the Ministry of Energy and Natural Resources.

It was sold to Armenian Argentinean businessman Eduardu Ernekian on Oct. 4 for 51 million U.S. dollars.

Head of the State Property Department Arman Sahakyan said Ernekian had not refused to go ahead with the deal but the building could be sold at the auction if someone suggested a higher price.

Sahakyan said the decision was made to ensure greater transparency of the deal.

The building, built with rose Armenian tufa, is located on Republic Square in central Yerevan. Government House No. 2 is one of the landmarks on the square along with the National Gallery and other government buildings.

Local media reports said the government would use the sale proceeds to build new buildings for the three ministries.