Woman Buys House For Just Rs 85 and Spends 3.8 Crores On Renovation
Chicago financial advisor Meredith Tabbone had never even laid eyes on the home she had recently purchased in Sambuca di Sicilia, Italy. In 2019, some of Italy's abandoned homes were being sold at auction for as little as $1.05 (about Rs 90). With roots in the village, Tabbone decided to give her a try and ended up winning a bid on a house from the 17th century that had "two feet of pigeon poop on the floor" and no running water or electricity.
She would eventually be able to call the place home after four years and $446,000 (about Rs 3.8 crore). "When I bought this property, it was in terrible shape," the 44-year-old told CNBC Make It. "From the moment I sent in the bid and checked my email every day and found out that I won, all the way through this process [of renovating the house] there have been four million moments of frustration and exhaustion." However, Tabbone was adamant about building a house in the Italian village as her great-grandfather had resided there before the family's 1908 immigration to the US.
The village of Sambuca is perched on a hill and offers views of the surrounding beaches and the Mediterranean island. To revitalize a hamlet that, like many other rural areas in Italy, had seen depopulation in recent years as inhabitants relocated to larger cities, it had put hundreds of properties up for sale for just over $1, CNN said. When Tabbone learned about it, she placed a bid for one of the houses before ever seeing it. She received notification via email from the town in May 2019 that she had won the auction.
She bought the house for $6,200, which is slightly more than Rs 5 lakh. However, she quickly realized that the building was too small for her, so she also paid $23,000 (about Rs 19.5 lakh) for the one next door. It was simpler for Tabbone to integrate the two structures into a single, cozy residence because they shared a wall.
However, it took her almost three years to finish the remodeling. Tabbone's original restoration budget was $40,000, or around Rs 34 lakh, but she ultimately spent over Rs 4 crore.
However, it took her almost three years to finish the remodeling. Tabbone's original restoration budget was $40,000, or around Rs 34 lakh, but she ultimately spent over Rs 4 crore.