The Tories yesterday called for a full explanation after it emerged the Government sold off the Millennium Dome for #50m less than the highest offer.
Under plans announced last week, the dome is to be transformed into a giant entertainment resort by the Dome Europe company, backed by Nomura, for #105m.
However, it has emerged that rival bidders had offered #155m to turn the site into a centre for hi-tech firms.
Shadow Culture Secretary Peter Ainsworth said: ''If it is true that the successful bid for the Dome was lower than the other bid, it looks like bad value for the regeneration in Greenwich and bad value for the taxpayer and Labour must give a full explanation.''
Dome Minister Lord Falconer did not deny the reports when he appeared on Sky News yesterday but he said some of the higher figure depended on money being raised via a stock market bond issue, and whether businesses came into the Dome.
''There are a lot of things which have to go into analysing which bid was more value. That was not done by politicians, that was done by independent advisers and I'm absolutely confident they were right,'' he said.
Lord Falconer also rejected suggestions the taxpayer was getting bad value for money because #758m had been put into the Dome and only #105m was being recouped.
He said: ''The #758m included the decontamination of the whole of the north Greenwich peninsula, it includes the running cost of the whole Dome.
''It was always expected that the amount we received for the Dome would be much less than was spent on the huge regeneration package and its running.''
Under the new plans, the Dome will be a showcase for the best of Europe's past, present, and future, with features including a virtual reality trip to the land of the 1960s Beatles film Yellow Submarine.
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