FEATURES » Castles and Islands for Sale in Italy state firesale?

Castles and Islands for Sale in Italy state firesale?

Cash for castles, islands and villas. It is the last call for an Italian bargain!

As a clear sign of a biting crisis, Italy is ready to put up for auction part of its heritage. Historic Italian sites will be sold off to fill Italian state coffers in order to obey to the EU austerity rules.

The newspaper “Corriere della sera” listed some of the buildings that might be on sale: the Orsini Castel in Soriano nel Cimino, the island of San Giacomo in Palude in Venice, the daziari castels of piazza Sempione in Milan, villa Mirabellino in Monza, villa Favorita in Ercolano and the officials pavillion of the barrack of Peschiera del Garda.

However, the State land administration retracted the list saying that it is not ready yet.

Economy Minister Fabrizio Saccomanni, to comply with the European bond of 3 per cent of the deficit-GDP ratio, needs to raise cash as soon as possible. The excess of 0.1 per cent to recover is worth exactly 1.6 billion euros. 1.1billion euros will come from spending cuts to ministries and local authorities, the rest (500 million euros) from the divestment of part of the State's properties.

The operation, however, will not end before the end of November. The total value of the assets will be 500 million Euros. Properties, probably not more than fifty, will be selected from a list of 350 state-owned properties that were already being disposed of.  

As the real estate market is in deep crisis the time to sell palaces, villas, castles and former barracks could be long.

The state land administration located unused properties for 600 million, and the ministry of defence identified 1600 possible sources of income.

In the list of societies interested in buying the buildings there are Ferrovie dello stato, Poste, Eni, Enel and Finmeccanica.

Also Vodafone, IBM and China development bank are just a few examples of multinationals that might be interested in buying Italian state assets.

Giulia Lombardo

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