Most expensive villa in Germany for sale: Financial challenge with a purchase price of 40 million euros

Most expensive villa in Germany for sale: Financial challenge with a purchase price of 40 million euros

According to a report by www.stern.de,

The Alexandria Cottage in Heiligendamm has been empty for decades. Now it is surprisingly being offered for sale. The price probably has little to do with the condition of the villa. The 18 rooms offer an incredible 1,449 square meters of living space and are in a prime location: The villa is on a remote corner of the spa town of Heiligendamm, directly on the Baltic Sea. The purchase price is already 40 million euros, making it one of the most expensive residential buildings currently on offer in Germany. However, the villa has been abandoned for decades and is being sold “unrenovated”. The house looks downright run-down; the photos show rotting walls, meter-long cracks in the stone floor and mold.

The unexpected sale causes astonishment locally. The owner, investor Anno August Jagdfeld, once bought the cottage as a family home but never moved into it. In addition to the cottage, he has apparently also offered several other unrenovated villas in recent months, and is also said to have put other houses and hundreds of hectares of land on the market. As in the rest of the republic, the real estate market on the Baltic Sea has collapsed sharply due to the economic situation and increased interest rates. Despite its condition, the cottage is well above the usual top prices in Germany.

The urgently needed renovation of the listed Alexandria Cottage is likely to be expensive and impact the real estate market in the region. The potential buyers will still have to make significant investments in renovation after the purchase price, which could have an impact on the regional real estate market as the high price and the need for renovation could deter potential buyers.