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Italy Sells Historic Castles and Villas to Boost Economy

Oct. 15th, 2013 | Comments 0 | Make a Comment   
orsini castle italy
Orsini Castle; Photo Credit: mdlart | Shutterstock

Italy has been having a bit of a budget problem and in efforts to reestablish the depleted funds, the country is selling off some of their most historic sites to private investors. Over the weekend, RT Network reported that  a Grand Inquisitor's villa, a Pope's fort and a Venetian island are just three of the 50 sites that will be sold to help raise the 500M Euros needed to stay in line with EU austerity rules and keep the country's budget deficit within the three percent threshold set by Brussels.

Prime Minister Enrico Letta is hoping that the sold castles and villas will be turned into hotels, museums and restaurants, which would create countless jobs to support the economy. Originally built for Pope Nicholas III in the 1270s, the Orsini Castle near Rome was used as a prison in the mid-19th century and is believed to be haunted, which may make for a great tourist attraction if a buyer is brave enough to open it to the public.

A similar move was made by Greece last year when they sold several beaches, islands and ski resorts.

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