Escape to the hills of Italy ... for HK$90m
The world's super-wealthy are spoiled for choice when it comes to buying a home with a budget of around HK$90 million.
There are the conventional locations such as Hyde Park in Central London, an apartment on The Peak in Hong Kong, or an apartment on Manhattan's Upper East Side.
And then slightly off the well-worn track, is the allure of an historic restored farm house high on a hill on the border of Tuscany and Umbria in Italy. 'We have just sold a house to a Hong Kong buyer - the first sale to a buyer in the city since we started selling restored farmhouses on our property, Castello di Reschio 16 years ago,' said Count Benedikt Bolza. Count Benedict is the son of Count Antonio Bolza, who bought the Tuscan property in 1994.
According to property consultants, Hongkongers and mainland Chinese have begun showing a growing interest in rural European properties, particularly vineyards.
Castello di Reschio is a private estate of 1,214 hectares featuring a castle and the ruins of 50 farmhouses on the Tuscan/Umbrian border. By law no new houses may be built on the property, but existing farm houses may be renovated and refurbished.
The formula employed by the Bolza family is that a buyer may select one of the un-restored farmhouses on the property and its in-house architectural team will then restore the property according to the buyer's wishes. Typically this involves converting the old farm house into a luxury home with spacious rooms and a grand master bedroom, and equipping it with the latest technology.
The purchaser acquires freehold title over the home and about two hectares of land around it, which is landscaped and includes a swimming pool.
The Bolza family is responsible for infrastructure development such as all aspects of the estate from the architectural design, to planning and interior design.
'We provide guaranteed turn-key pricing and a finish date,' said Count Benedikt, who said a typical renovation takes 18 to 24 months to complete.
The average price of such a project, including land cost, is about Euro8 million (HK$86.85 million) subject to the design of the restored farm house. Some may cost up to Euro15 million.
The company will also charge new owners an annual management fee of Euro600,000 and charges for the use of facilities such as horse-riding, shooting, and playing tennis.
So far 23 houses have been restored and sold. The company hopes to sell a further 20 houses and keep the rest for rental and its own use. On average each renovated house offers an average of about 600 to 700 square metres of living space, and each has about five bedrooms.
Who are the buyers?
Most are young professionals such as hedge fund managers who may earn a lot and are willing to pay millions of euros for a different lifestyle, according to Count Benedikt.
A number of owners also bought for investment and charge rentals of around Euro26,000 a week. One owner rented out a house for 16 weeks last year, which generated enough to cover annual management fees.
The peak tourist season in the area is during spring and summer, or from May to the end of October.
Rupert Fawcett, head of the Italian department of property agency Knight Frank in London, said prices on the estate were higher than others in the area but had remained stable right through the global financial crisis.
High-priced hideaway
The average price of a restored farm house at Castello di Reschio in the Tuscany hills is about, in HK dollars: $86.85m
