Venice palaces' sale evokes rage
Jason Burke
Sale is likely to raise up to £100 million for the Italian Government
Venice: Venice is selling 13 historic palaces and villas in some of the most sought-after locations on the planet — on the Grand Canal, the Lido and the island of Murano — in an auction which has been greeted with outrage by locals.
Part of a broader campaign by the Italian Government to exploit its huge legacy of state-owned historical buildings, the sale is likely to raise up to £100 million.
The real estate on offer includes the Bonfadini-Vivante palace, famous for its neo-classical frescos, and the Foscari Contarini villa, which overlooks the Grand Canal near the Rialto bridge.
I believe the sale of these villas represent a sterling opprtunity for the GIC whose main activities is a focus on real estate investments. The villas can be bought and later redeveloped into a hotel to generate returns. Good deal eh?