Woman buys house for Rs 85 in Italy! Spends Rs 3.8 crore for...

It could be the dream of many to own property/house in 'The Land of Love' Italy. From the snow-capped Alps to the sun-kissed Mediterranean beaches, any person would love to lead a sweet life in this incredible country. What could be property value in Italy? Well, the property value would certainly vary. But, recently a woman purchased a house at a price that would leave anyone shocked. Reportedly, the woman purchased the house for Rs 85 only. Sounds surprising, isn't it?

Meredith Tabbone, a financial advisor from Chicago, bought a house in Italy's Sambuca di Sicilia in 2019 without even seeing it. As per reports, Italy was auctioning some of its abandoned houses for as low as $1.05 (about Rs 90). Tabbone, having roots in the village, tried her luck and won a bid on the 17th-century house. The house had no electricity or running water. Moreover, it had  'two-foot pigeon poop' on the floor.

 

 

 

 

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A post shared by Meredith Tabbone (@meredith.tabbone)

Talking to CNBC Make It, 44-year-old Tabbone said, "The condition of this property when I purchased it was dire at best." 

Further, she added that from the moment she sent in the bid, she checked her email every day. When she found out that she won the bid.

She got extremely frustrated and exhausted during the process of renovation. But, she was determined to own a home in the Italian village as it was the place where her great-grandfather lived before the family moved to the US in 1908.

After residents in the city moved to bigger cities, Sambuca, the hilltop village, was depopulated. Thus, dozens of homes on the market were placed for auction at little over a dollar for reviving a community, CNN reported.

 

 

 

 

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A post shared by Meredith Tabbone (@meredith.tabbone)

After learning about the auction, Tabbone bid for one of the houses without even seeing it. In May 2019, she got an email from the municipality about winning the bid. Later, she spent $6200 (a little over Rs 5 lakh) to take ownership of the house. However, when she realised that the house was too small for her, she purchased another building adjacent to her new building for $23000 (about Rs 19.5 lakh). Both the buildings shared a wall and it became easier for her to combine it and make it a single comfortable home.

However, it took her more than three years to complete the renovation. While she initiated the renovation with a budget of $40000 (about 34 lakh), she ended up spending close to Rs 4 crore.

She told CNBC Make It, "I have never done a renovation like this in my life. I hired an entire team to do it and the only thing that I spent a lot of time on was the design."

After renovation, she got flooded with offers for the house, but, Tabbone declared that she would never sell it.