In crisis-stricken Italy, historic palaces and castles are for sale

Castle in the town of Soriano nel Cimino

Rome - The economic crisis that Italy is experiencing has forced the local government and cities to dispose of assets such as historic palaces or castles. According to the agency that manages state-owned properties, the government of Mario Monti aims to raise 1.5 billion euros (approximately 37.5 billion crowns) from their sale, reported The Wall Street Journal.
     Among the 350 properties looking for a new owner is a castle from 1270 in the town of Soriano nel Cimino in the Lazio region. It was built by the pope and later served as a prison. Also for sale are former barracks in Bologna that were used by the Ministry of Defense.
     Venice is offering a palace from the 18th century along with 17 other properties for 19 million euros, where a court has been housed for years. In Milan, more than a hundred buildings are up for sale, including a palace on a lucrative address in a district associated with the fashion world. The city wants 31 million euros for it.
     Various Italian authorities own underutilized or surplus real estate worth 42 billion euros, claims Edoardo Reviglio, chief economist at Cassa Depositi e Prestiti bank. Selling at least some of them would represent a quick way to add some money to empty public coffers, writes The Wall Street Journal.
     However, it cannot be expected that the offers will attract a large number of interested parties. Many investors have placed Italy alongside Spain and Greece on the list of risky countries. New owners would also have to deal with the notoriously problematic Italian bureaucracy, property repairs, and finding tenants during an economic crisis.
     Italy is not the only European country trying to sell properties during the crisis, reminds The Wall Street Journal (WSJ). The Greek government planned last year to sell assets worth around 30 billion euros, including the former Athens international airport. However, the sale was suspended before the June elections, and according to WSJ, nothing has changed since then.