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?