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    Euro crisis: Cash-strapped Italy sells off iconic lighthouses

    The Italian island of Sardinia is leasing several formerly state-owned, out-of-use lighthouses to private developers who plan to capitalize on their pristine coastal surroundings. 

    They command stunning coastal views of one of the Mediterranean’s least spoiled islands, but now, as Italy’s new government attempts to chip away at the country’s €1.9 trillion ($2.5 trillion) debt, a clutch of abandoned but picturesque lighthouses on the island of Sardinia will be sold off.

    The sale is part of the Italian government's efforts to balance the books by capitalizing on a valuable portfolio of state-owned property, from disused Army barracks to castles, former convents, and even islands. The lighthouses, which overlook the powder-white beaches and turquoise bays that have made Sardinia such a tourist magnet, are to be leased to private businesses and converted into unusual hotels, galleries, and museums. 

    They are being offered for sale by the island’s autonomous government. Squeezed by the drastic cuts announced by Prime Minister Mario Monti, the sober technocrat appointed in November, the island's government can no longer afford the cost of maintaining the lighthouses, much less restoring them.

    IN PICTURES: Lighthouses around the world

    The buildings, most of them built in the 19th century, command views of some of Sardinia’s loveliest stretches of coastline, from the famed Maddalena archipelago, off the northeastern tip of the island, to the nearby Emerald Coast, where former premier Silvio Berlusconi has a luxury villa. They are no longer in use because they have been replaced by more modern automated lights.

    “They have been inaccessible to the public for ages because they were owned and run by the Coast Guard or the Navy,” says Alessio Satta, the executive director of Sardinia’s Agency for Coastal Conservation, which is managing the sell-off.

    “Some are in good condition and need just a little investment, while others are in a really bad state and would need a couple of million euros of refurbishment.”

    The model for the sell-off is the Capo Spartivento lighthouse in southern Sardinia, which has been converted into a five-star luxury retreat. It is Italy’s first – and so far only – lighthouse hotel. 

    The structure, 30 miles from the regional capital of Cagliari, sits on an isolated promontory overlooking deserted beaches and sandy bays and is accessible only by a private dirt road. Built in 1856 by the Italian Navy, it is now one of the country’s most exclusive resorts – in the summer, a suite with an ocean view costs €1,000 ($1,325) a night. Its six suites filled with Murano glass chandeliers and huge circular double beds.  

    It took businessman Alessio Raggio seven years to negotiate the lease, restore the building, and convert it into a hotel. The conversion of the historic building cost €3 million ($4 million). Mr. Raggio has a 38-year lease on the property and pays €3,000 a month in rent to the regional government. 

    “Rebuilding a lighthouse is not easy – especially one like this,” he says. “Fortunately it was strongly built, with stones from the local area, and the main building was in good condition. You have to be a little bit crazy to take on a job like this, but it was worth it – we are fully booked this summer,” he says.

    The lighthouses on the for-lease list offer a similarly challenging prospect for developers. The lighthouse at Capo d’Orso (Bear Cape), near the town of Palau, is a typical case. Located on the very tip of the cape, it is accessible only by boat, or via a tough scramble up steep slopes overgrown with coastal scrub.

    On the western side of the island, a lighthouse at Capo Mannu overlooks a good surfing beach, but the tower is in poor condition and will need a lot of structural work. Private developers would be granted leases of at least 30 years in return for restoring the buildings.

    The tender process will start in the next few months, with suggestions that some of the lighthouses could be used as writers’ retreats, museums, or oceanography research centers. While all the lighthouses will include accommodation of one sort or another, the idea is to make them more affordable than the Capo Spartivento, with a nightly rate of between €100 and €150.

    “We want to create places that can be visited by everybody,” says Mr. Satta. “We don’t want to create fortresses for the rich.”

    RELATED: The eurozone crisis explained in 5 simple graphs

     
    • John_NYC  •  3 mths ago
      It's like Monopoly. It starts with you selling Boardwalk. Next thing you know, you're giving away your Reading Railroad just to stay in the game.
    • Otto Pilot  •  Spring Branch, Texas  •  3 mths ago
      The photos are stunning!
      • Danielwright2311 3 mths ago
        In the news paper,not every little tiny story gets a freaking picture,lol,grow up.
      • WJR 3 mths ago
        If the story had been about Whitney, there would have been a load of photos.
      • Barrack 3 mths ago
        or Brad Pitt and that goon he married
    • Paul A.  •  New York, New York  •  3 mths ago
      I have never seen such stunning,awesome and brilliant photos.....then again yahoo doesn't show photos. Way to go A--holes!
    • Mandy  •  Caledonia, Wisconsin  •  3 mths ago
      At least Italy is trying to pay its own bills, not putting Northern Europe on the spot and demanding a bailout.
      • Ren Vali 3 mths ago
        Italia was the chief contributor to the €. But when Italy needed to revise the plans for restructure to do the same as others in the union there was a noisy outrcy that Italy was taking everyone down with us. You are correct to asume that Italy is on the right path
      • John 3 mths ago
        Greece just needs to sell off a nice little island to UAE (or China)... Full sovereignty rights, the whole nine yards. Then the generations of Greeks to come will use that piece of blight on their map to "remember" what misappropriation of funds leads to, and will learn never to do it again. Problem solved...
      • D. 3 mths ago
        Just wait... selling a lighthouse or two aint gonna pay the interest on the debt!
    • inmate8816248  •  Phoenix, Arizona  •  3 mths ago
      If the USD crashes I am not worried. I invested all my money years ago in beanie babies, velvet Elvis and Jesus tapestries, pogs, cabbage patch kids, and hundreds of cases of generic beer and hundreds of cartons of generic cigs. I will be a power broker one day!!!lol
      • has 3 mths ago
        With a little rationing the income from beer and cigs ought to keep you in steak for a long time.
    • garwin1  •  3 mths ago
      Why not ebay the Coliseum?
      • Sean 3 mths ago
        Sell it to Occupy Oakland.
      • Mike 3 mths ago
        How about we renovate the Colliseum and PUT the Occupitards in and let them battle it out with lions,tigers,and bears!?!?!?
      • Mike 3 mths ago
        Oh and charge admission! I bet at a dollar a head they would have their 2.5 trillion dollars in about a month!!!!!
    • ohmy  •  3 mths ago
      The point behind the point of this article is...1st Greece, then the PIIGs, one by one the currency falls...not long beofre the UN steps in a creates the master of all fiat currencies. In the US States are already pushing to regain the use of metals as currency. The writing is on the wall and it does not bode well for you paper holders. Mark my words kids, it's about to get real interesting.
      • Growling Bear 3 mths ago
        Paper in one hand gun in the other I will be just fine
      • ohmy 3 mths ago
        Until the paper becomes worthless...then you'll be selling your gun for what little metal you can get, by then it'll be too late. Best of luck to you and your paper m'dear.
      • WeymanB 3 mths ago
        Spot On OhMy! Why are masses so blind to the wool which has been pulled over their eyes? When you see the "headlines" they are all pacifier veils hiding the sinister global takeover being executed by the #$%$ bag globalist bankers and megaloegomaniacs at this very moment. Their paranoia wreaks of failure because fear will cause to jump the gun. The public has been alerted to the False flag operations and the road for them will be difficult to say the least.
    • They hate our freedum  •  Greenville, South Carolina  •  3 mths ago
      Does anyone get this ? Bankers cause collapse , Bankers put into power (without being elected) bankers sell land (privatization) to chronies for pennies on the dollar ....same thing is happening in Greece .....same thing has ALREADY happened in America .
    • OMG  •  Meriden, Connecticut  •  3 mths ago
      how much for the white house?
    • Zachary D  •  Leeds, Alabama  •  3 mths ago
      Hey, I want a fortress!
    • Ronnie joanne  •  3 mths ago
      Move over Greece, here comes Italy.
    • Munchies  •  3 mths ago
      Wonderful photo display, Yahoo.
    • Fission Surplus  •  3 mths ago
      As Europe goes, so will go the United States. Just wait until our national parks and treasures are sold off to help pay off the deficit. The Federal Reserve, with the complicity of our elected officials, will tear the heart out of this country and we will all be paupers in the land our forefathers conquered.
    • Sabre  •  3 mths ago
      Another story without a photo! #$%$
    • Andy Rock Skipper  •  Kungsbacka, Sweden  •  3 mths ago
      Let's redirect attention from the US economy and take a look at the EURO. Truth is, Europe and the US are in decline, so we need to face that issue and figure out how to reverse that. I'm thinking better Education would be a great start. If the better ideas come from the west, and we make it at home instead of outside the country, using our well educated people, we will have the edge.
    • DJ Spoke Wrench  •  3 mths ago
      Wonder how many idiots will post here not knowing that America has been doing the exact same thing for years.
    • Jeffrey T  •  Los Angeles, California  •  3 mths ago
      Same as California where they sold some government buildings to raise cash. Like junkies going to pawn shops, leftists everywhere are desperate to keep their habits going.
    • Wall St Farmer  •  3 mths ago
      Big deal Italy selling their lighthouses. The US will be selling California and other states to pay its debt.
    • Ivan  •  Walnut, California  •  3 mths ago
      I say we put every US state capitol up for auction to the bankers and elites and the politicians inside come with the deal. Oppps I forgot they already own the politicians.
    • silentworld  •  Dallas, Texas  •  3 mths ago
      Solve th problem to Europe? Evict all islam/muslim religious people back to Middle East where they belong. Government will take their money too to belong to Europe.
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