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Borgo +39 is for auction again. The price dropped from 15 to 4 million euro

12 June, Brescia Oggi

It was supposed to become a luxury village. Very ironically, tomorrow the “modern village” will go for auction for the fifth time to find a buyer. The starting price is significantly low price compared to the original price of the lot. According to rumours, some managers from Garda might be interested in the property. The value, however, has plummeted auction after auction, going from 15 million in March 2016 to the current 4,429,687 euro. The project saw the participation of Norman Foster, the international star of architecture hired by Sailing Immobiliare, the subsidiary of Azzolini from Arci and Edilquattro from Manerba of Lorenzo Rizzardi, the then president of the Gargnano Sailing Club and the promoter of +39, the boat participating at the 2007 America’s Cup. The architect should have turned the 30 thousand Sq m surface of Cantiere del Garda, once Oleificio Sociale Benacense, a neglected historic building, into a luxury hotel, residences and businesses, bars, shops and a restaurant.

The project amounted to 50 million euro, with 52 thousand Sq m dedicated to residential developments with 300 apartments distributed over five floors. The project also involved the transfer of the nearby football playground to build a two-storey underground garage, one public and one private. After a long series of events, including the crisis of the sector, the environmentalist protests, the intervention of the superintendence and the downsizing of the project, the regional administrative court rejected the recovery plan, having approved the motions of Legambiente and some privates. As we know, the project ended up in the public prosecutor’s office due to the investigation of Francesco Belsito, accused at the time of money laundering and misappropriation. The dossier was then filed, and the operation fell through.

Source: Brescia Oggi

Translator: Cristina Ambrosi

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