 |
| Drastically reduced from €2.3mm to €1.9mm |
SPAIN – You
can buy your own castle, or even a fortress, if you have a spare €600,000 to
€10million. No doubt as one of the results of the crisis but also because it
costs a great deal of money to maintain one, castles are – while not exactly
two-a-penny – for sale all over Spain. This country does not have the
equivalent of a National Trust, as in the UK, so owners and heirs find it
difficult if not impossible to keep them up. Interest has arisen in the last
couple of years, mainly from international investors. While most have been in
private ownership, several are held by companies and some, a small minority, by
the State.
 |
| Renovated or 'modernized'? |
The Castillo
de Maqueda, for instance, is owned by the State and is going for a mere
€10million or so, the most expensive on a long list of these exclusive
properties – apply to the Ministry of the Interior. In fact, it comes up for auction on November 19,
starting at €9.6mm.
 |
| Needs work |
But there
are bargains to be had. In Huesca, for example, is the ‘cheapest’ for just
€600,000. Located only 4Km from the Grado reservoir, it offers spectacular
views and short distances to villages and towns. aldeasabandonadas.com, on whose website this one is
featured, also offers empty villages, palaces, masías (country homes in Catalonia), pazos (country homes in Galicia) and other casas señoriales (stately homes).
 |
| Island for sale, castle included |
Why would anyone want one?
And why not,
if you can afford to buy it – and keep it up? The castle located on the island
of Centinela, in the middle of the Burguillo reservoir, for instance, is sited
in one of the most spectacular spots in the province of Ávila and has some
1,000m2 of fortifications that include terraces, suites, magnificent double
bedrooms and a host of what the real estate agency calls ‘multifunctional
spaces’, as well a series of halls with room for up to 150 people.
O el mejor conservado de toda Castilla y
León.
The best
kept castle in Castilla y León is sited in the province of Burgos, priced at
€3.5mm. Other such properties are well maintained, while others will be in need
of thorough refurbishment.
Why are they for sale?
There are a
number of answers to that question. Many of them were bought as a business investment,
with the idea, say, of turning them into a hotel, conference centre or
something similar. The business downturn may force a sale for strategic
reasons, or the need for liquidity. One example is that of the Castillo de
Butrón, which was bought by a company called Inbisa in 2005 for €1.6mm – and,
because it is no longer part of the company’s core business, it is now time to
recover that investment. It was originally priced at €10,000,000, with no
takers. Today it is priced at €3.5mm – a drastic reduction, but double the
original investment.
There are
other examples, of course. The castle for sale in Pontevedra has undergone a
similar reduction: from €2.3mm to €1.95mm.
Well, not
this week for me…
No comments:
Post a Comment
Thank you for taking the time to comment. Please make it as short as possible so we can deal with all of them. Your comment is subject to editing. Please do not use foul language. WE DO NOT USUALLY PUBLISH ANONYMOUS COMMENTS.