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Italy’s Historic Castles and Villas to Be Converted into Hotels to Create Jobs for State’s Economy

Italy’s government plans to sell its 50 historic sites to private investors in order to raise 500 million euros needed to obey strict EU austerity rules. These historic castles and villas should be converted into hotels, restaurants and museums to create jobs for state’s economy. Some of the villas on the sale list are the Orsini Castle near Rome, which was built for Pope Nicholas III in the 1270s, which was used as a prison between the mid-19th century and 1989, and according to local superstition is believed to be haunted, as well as Villa Mirabello near Milan, built in the 18th century by Cardinal Durini, the Grand Inquisitor of Malta and the Island of San Giacomo, which was a home for monks since the 11th century, but was later converted into a military base in the 1800s and left abandoned in 1961 to crumble into ruins.

Cash-for-Castles: Italy sells off historic sites to plug budget holes

Italy isn’t the first state who dare to take this step. Last year, Greece sold several beaches, islands and ski resorts to keep the budget in balance.

Cash-for-Castles: Italy sells off historic sites to plug budget holes

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Written by Slamchica

Aleksandra Arsenovic graduated with a degree in economics and has a master degree in tourism. Since she worked as a travel agent, she has traveled around the world and developed an interest in luxurious hotels and exotic destinations. As a big fashion fan, Aleksandra loves expensive and luxury fashion items. As an editor of Extravaganzi she shares her knowledge about travels, fashion and accessories.

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