The household belief of actual property mogul Rene Benko paid nearly 30 million euros to purchase the Stueblergut property, positioned midway between Vienna and northern Italy. The property has 1,300 hectares of land and forest, a small chapel and a historic inn, constructed within the 1300s, which served as a resting place for vacationers touring from southern to northern Europe. The property was bought by the Italian Morassutti household, who owned it for over 100 years.

“It’s a great property with an extended custom and buildings of historic worth. We intend to renovate the entire complicated and for us it is a good solution to diversify our portfolio,” stated Benko.

With this acquisition, Benko will set foot, for the primary time, within the area the place his rival Dietrich Mateschitz comes from. The latter, the richest man in Austria, constructed his fortune by establishing the corporate that sells the vitality drink Pink Bull. Over time, Mateschitz purchased a number of properties within the province of Styria and restored the mansions on these properties.

Forests are a favourite asset of rich Austrians as a result of they permit them to flee from large cities and on the similar time benefit from the long-term appreciation of the worth of their investments. Outdated Austrian households, such because the Habsburgs, and the Catholic Church are among the many largest landowners in Austria.

Rene Benko has mansions on two searching grounds within the provinces of Burgenland and Tyrol. The billionaire, who lives in Tyrol, says he has began investing in forests to diversify his actual property empire, which primarily contains industrial area and workplace buildings. Up to now, Benko has invested a whole bunch of thousands and thousands of euros to renovate historic buildings in Vienna, permitting public entry to a few of these buildings.

What else do the wealthy folks of the world make investments their cash in throughout a pandemic?  Austrian billionaires compete to purchase forests

With the takeover of Stueblergut, Benko additionally took over an inn that was utilized by wine retailers touring between southern and northern Europe to promote their wares. Positioned at an altitude of virtually 1,500 meters, close to a cross via the Alps, the inn is known for its fireplace kitchen, which dates again greater than 700 years.

“Such a property reaches the market as soon as a century,” says Klaus Bischof, the true property dealer who helped the Morassutti household promote the property.

Bischof says he solely provided this property to a small variety of prospects he knew have been .

“You possibly can take pleasure in this property, its worth will enhance and you may generate a 12 months revenue from timber. It’s a good solution to diversify your portfolio,” stated the true property dealer.