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If you are in the market for some unique real estate, look over at France. They are selling in the neighborhood of 15 to 20 billion dollars of historic real estate that is presently used for office space. Some of these properties are exquisite and historic landmarks.

Maintainance costs and government deficits are the primary reasons that the government is looking to offload these properties. Some of the properties are in the heart of Paris, while others are in the countryside or in the historic Loire Valley or Cote D’Azur.

Maintaining hundreds of historic, state-owned properties is straining the French budget to the tune of 2 to 3 billion euros annually ($2.65 to $4 billion US). Despite the size of this expenditure, it is sadly inadequate. Hundreds of opulent old properties are in sliding into disrepair. As costs mount and properties crumble, the government has initiated a program to sell many of these real estate jewels. American private equity firms and pension funds are lining up to buy. A few wealthy individuals have also inked purchase contracts.

According to a recent study, the government owns $50 billion worth of property, excluding historic treasures like Notre Dame. Twenty billion dollars worth of these chateaus, villas, and “hotels particuliers” – the beautiful stone mansions of Paris’ golden age – have been handed over to national ministries and provincial governments for use as offices. Since these governmental organizations are users rather than owners, the limit their maintenance budgets to a minimum.  via the Institute For Luxury Home Marketing.

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