A Texas couple took a leap of faith - and a notable risk – purchasing a portion of a crumbling 19th-century Italian mansion for $160,000 sight unseen. John and Vicky Steedman,seasoned travelers seeking a European base with proximity to ski slopes,closed the deal on a wing of the historic Villa del Balbianello estate in Piedmont,Italy,in 2019. Their story highlights a growing trend of Americans investing in Italian real estate, drawn by affordable prices and the allure of renovating historic properties, though the process isn’t without its challenges.
The Steedmans’ purchase, detailed in a recent CNN Travel report, underscores the potential for acquiring unique properties in Italy at surprisingly low costs, particularly in regions undergoing revitalization. While the initial investment may be modest,buyers must factor in substantial renovation expenses and navigate complex Italian bureaucracy. This trend is particularly appealing to retirees and remote workers seeking a change of pace and a lower cost of living, but requires careful planning and a willingness to embrace the unexpected.
Having previously lived in Barbados and maintained a ski home in Canada for 17 years, the couple prioritized a location offering both alpine access and a tranquil setting.”Piedmont, with its snowy winters and quiet alpine backdrop, checked the boxes they cared about most,” according to CNN. After selling their Canadian property,they quickly realized their preference for mountains over beaches.
“Vicky can spend over 100 days a year on the slopes,” John steedman told CNN. “But will go stir-crazy after three weeks on a beach.”
The dilapidated section they purchased required extensive restoration, a project they embraced with enthusiasm. The Steedmans are not alone; a growing number of Americans are discovering the appeal of restoring Italy’s “forgotten corners,” contributing to the preservation of its cultural heritage while creating their dream homes.
