US Woman Buys Ancestral Home In Italy For Rs 85, Spends Rs 4 Crore On Renovation – News18

Last Updated:December 17, 2024, 20:32 IST

The house, which dates back to the 17th century, was part of a series of properties up for auction in this historic Sicilian village.

In a remarkable story that blends history,

heritage

, and modern-day investments, a woman from the United States shocked the world with her passion for preserving an ancestral home in Italy. Meredith Tabbone, a Chicago native, bought an old house in the quaint Italian village of Sambuca di Sicilia for just Rs 85 (around $1.05) at an auction in 2019. However, her dedication to restoring the property turned into a massive financial commitment, with her renovation costs escalating to an astonishing Rs 4 crore (approximately $480,000).

The house, which dates back to the 17th century, was part of a series of properties up for auction in this historic Sicilian village. Tabbone, whose grandparents hailed from the region before emigrating to the United States in 1908, was determined to reconnect with her roots and revive the family legacy. Upon hearing about the auction, she seized the opportunity and placed a bid, successfully securing the property.

Although the purchase price was minuscule, Tabbone’s journey didn’t end there. She realised the house was too small for her vision and subsequently bought the adjacent property for $23,000 (approximately Rs 19.5 lakh). The combined purchase price for the two properties was around $24,000 (Rs 20.5 lakh). Yet, Tabbone’s real challenge began with the renovation.

Initially budgeting just $40,000 (around Rs 34 lakh) for the renovations, Tabbone’s plans quickly grew as she uncovered the challenges of restoring such an old and historic home. She ended up spending a staggering amount – roughly Rs 4 crore – to transform the space, making it livable while preserving its historical charm. “I have never done a renovation like this in my life,” Tabbone told CNBC in an interview, reflecting on the complexity of the project.

Despite receiving multiple offers to sell the property after her extensive renovation, Tabbone remains adamant about her decision to keep it. She emphasised that the house, which holds deep personal significance due to her family’s history, is not for sale, no matter the financial allure.