|
|
|
|
|
||
|
||
|
Relocation Page |
Financial Front |
Current Classifieds |
Map of Prague |
Selling the romance of castlesBy Margot Patterson Real estate partners blend their passion and business to rescue castles and chateaux Two or three days a week, Petr Kraselovsky climbs into his car and drives through the Czech countryside looking for castles. On any given day, hundreds of people do the same, but Kraselovsky is no casual sight-seer out for a Sunday spin or a bit of local color. He and his partner, Albrecht Waldstein, operate W.K. Holdings, the only real estate agency in Prague that specializes in chateaux and castles. Both aristocratic emigres, the two of them have married a desire to operate a successful real estate business with a romantic, possibly quixotic, quest to rescue the country's crumbling castles and chateaux from ruin. The Czech Republic has more castles and chateaux than any other country in Central Europe, more than 2,000. Many are in poor condition, deteriorated beyond repair during 40 years of communist neglect. About one-third are in good condition and another third still salvageable, Kraselovsky said, who adds that Czech chateaux and castles sell for bargain basement prices. "To buy a chateau here in comparison with other countries is very inexpensive," Kraselovsky said. While a castle or chateau in good condition can cost upwards of several million dollars, some properties sell for as little as $200,000 (7.2 million Kc) or less. Kraselovsky has one chateau located close to Kutna Hora available for a song: a mere $120,000 can buy you a Baroque manor house equipped with a 14th-century Gothic tower. W.K. Holdings was started in 1998. Kraselovsky, the managing partner, had previously investigated the castle market with his company Emporio Consulting. He and Count Carl Albrecht Waldstein, whose Nuova Doma firm builds luxury apartments in Prague, joined forces, adding the brand-name value of the illustrious and ancient Waldstein's (Valdstejnsky palac) -- a branch of the Wallensteins, whose palace and gardens are beloved in Prague -- to Kraselovsky's experience with castles and chateaux. Selling castles and chateaux requires a different frame of mind than other real estate, said the 33 year-old Kraselovsky, whose baronial family crest is engraved on his business card. For one thing, there are few quick sales. Patience is a necessity. So is an understanding of the nature of a historical property, said Kraselovsky. "The business of selling castles is not an easy, normal business," his partner affirmed. "Castles are very special. You cannot do with them whatever you want. You have to respect the art and cultural traditions of the past -- not only because of your own interest but also because of regulations," Waldstein said. Following the Velvet Revolution in 1989, many of the country's castles and chateaux were restituted to their pre-1948 owners or these owners' heirs. But many owners cannot afford to pay for the upkeep. Enter W.K. Holdings, which acts for both interested buyers and sellers. Kraselovsky said he has a data base of about 250 castles, though he's actively involved in marketing only about 50 or 60 of them. Ninety percent of Czech castles and chateaux are mapped, Kraselovsky said, but others are unmarked and must be scouted out -- hence his frequent forays into the countryside. So far, interested clients include Czechs as well as Britons, Frenchmen, Italians and Americans. Czech buyers tend to fall into one of three categories, said Kraselovsky: Czechs from abroad; moneyed, educated Czechs, often recently retired from politics; or businessmen who want a chateau or castle for commercial purposes and for entertaining. Among foreign buyers, Americans favor Art Nouveau chateaux; Austrians are interested in buildings with ample land, and particularly those with forests since in their own country Austrians cannot buy more than 8 hectares (about 20 acres) of forest; and British clients incline toward magnificence and favor large, sprawling complexes. "We have several clients who seriously want to buy more than one castle because they would like to use it for cultural activities," said Kraselovsky. "Such huge complexes are not possible to buy in Great Britain. They're either too expensive or in private hands. Also, if you maintain a chateau in Great Britain, you must have a lot of money. Reconstruction is less expensive here." Interest in purchasing and restoring a castle or chateau is particularly strong among aristocrats, Kraselovsky reported. Waldstein agreed and explained, "For them, a castle is not just a unique, fascinating piece of art. It's the roots from where they came, their natural framework." Only a small minority of noble families stayed within the country during communism -- most left Central Europe to escape communists. Many were quite successful in business, said Waldstein. "They are seeing the old family traditions are disappearing in their children and grandchildren and they want to reconnect their families with their family roots." Waldstein should know. Born in Austria, Waldstein can trace his family's roots in Bohemia for several hundreds of years. The onetime journalist, now real estate developer, moved to this country in the early 1990s and took Czech citizenship in 1992. He is currently waging a restitution suit to win back his family's seven castles in the Czech Republic, including the Wallenstein Palace where the Czech Senate sits. While awaiting a decision on his restitution suit, the count lives in a rented chateau outside of Pribram that Kraselovsky found for him. For both men, W.K. Holdings is as much a cultural mission as a business venture. "Dying castles need attention," Waldstein said.
|
|
Back to Top Home Back to Archive Contents Back to The Prague Post Online |