Real estate investors have a unique opportunity to buy a piece of Italian heritage for the equivalent of just $1.5 thanks to a new council initiative.
The ex-monastery and silk mill Filanda del Casone in Emilia Romagna, just 60km from the Adriatic coast, is listed for sale by the local council for 1 euro, as part of a new way for it to ensure local heritage is preserved.
There is a catch of course. The new owner of the historic 1823-built property must commit to renovate the property within 5 years of purchase and the total estimated cost of renovation is the equivalent of around C$2.5 million.
Image credit: Real Point Property
There is a lot for the money though with three stone buildings including a 5-storey main building and two 2-storey buildings, totalling 1,267 square metres. There is 5,500 square metres of land.
The council is open to ideas regarding its use which could include a private residence, B&B or hotel.
The property is listed at realpointproperty.com.
