The Bat? Oh, It’s Nothing

Posted by: Maya Roney on June 28, 2007

Bran Castle—or Dracula’s Castle, as the tourism-savvy call it— is now officially for sale in the Transylvanian region of Romania. The current owners, Archduke Dominic Habsburg and family, have asked private investment firm Baytree Capital to represent the seven hundred year-old property and devise a long-term strategy for its preservation.

brancastle.jpg

Earlier this year, the Habsburgs announced they were interested in selling the castle for $78 million. The castle, which was the inspiration for the setting of Bram Stoker’s novel Dracula and is rumored to have hosted 15th century tyrant Vlad the Impaler, has enormous significance to Romania as a major tourist attraction and a national symbol. Communists seized the 57-room property from the Habsburgs in 1948, and the family regained ownership in 2006.

Romania joined the European Union in January 2007 and has become one of Europe’s emerging real estate markets in recent years. The expensive maintenance for Bran Castle is getting to be a real pain in the neck for the Habsburgs, and with investor interest high, now may be the time to cash out.

And you thought your broker was a bloodsucker.

Reader Comments

Niko

June 29, 2007 4:57 AM

Hi, I'm from Romania, so sorry for the spelling. Those guys cant really sell the castle. They have a deal made when they got the castle. And it is not even theirs, historically they have no right to it.

It is a bad investment at that price. I read on slashdot some numbers like 10 millions $ a year and 6 millions in expenses. That is BS! And you only get the castle, no land or anything else.

gordon gekko

June 29, 2007 6:12 PM

No, clearly it isn't the only to do it... and it is not sure that working in that way means you will do it better...

You could doing it well using your intelligence and improving your productivity, which is completely different from "spending" hours in the office....

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BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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