Bloomberg News

Yours for $28 Million: Venice Island With Its Own Convent Ruin

October 27, 2011

Oct. 27 (Bloomberg) -- Santo Spirito, an island in Venice’s lagoon with a derelict convent, has been put up for sale by Italian real-estate investors for more than 20 million euros ($28 million).

Holding company Poveglia Ltd. hired Colliers International to sell the 6.2-acre (2.5-hectare) island, which is a 10-minute boat ride from St. Mark’s Square, the broker said in an e-mailed statement.

As well as the 3,500 square-meter (38,000 square-foot) ruined convent, founded in the 12th century, the property has planning consent for 4,500 square meters of new construction. Colliers said Santo Spirito is the last complete island available for sale in the lagoon.

“Investors have the unique chance to customize an island to their needs,” said Massimo Saporito, head of investment in Italy for Colliers. The site would best suit a luxury residential development or a hotel, he said.

Venice’s art, architecture and heritage, the legacy of the city’s domination of maritime trade in the Mediterranean Sea in the Middle Ages and Renaissance, attracted 8.5 million visitors last year, according to the city’s tourism board.

Flooding, a hazard for the city because of the lagoon, prompted United Nations Educational, Scientific and Cultural Organization Director Rene Maheu to start a program in 1966 to restore and preserve buildings and art.

Colliers International is a unit of Canada’s FirstService Corp.

--Editors: Ross Larsen, Andrew Blackman.

To contact the reporter on this story: Simon Packard in London at packard@bloomberg.net

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net


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