Such an investment has never been seen before! The American entrepreneur bought a village from Spain for the price of an apartment in Istanbul
American entrepreneur Jason Lee Beckwith bought the Salto de Castro village in Spain, abandoned for 37 years, for 310,000 euros. A 6 million euro tourism and residential project is being prepared for the village, which has 44 houses, a school, a bar, and a historic church.
American entrepreneur Jason Lee Beckwith bought the Salto de Castro village, which has been empty for 37 years in Zamora, Spain, for 310,000 euros. With a price equivalent to about 17.5 million Turkish lira, Beckwith, who now owns the entire village, plans to convert the area into a tourism and residential project rather than using it as a private living space for himself.
The Salto de Castro village, long abandoned in Spain, attracted attention with a notable purchase. American entrepreneur Jason Lee Beckwith bought the village for 310,000 euros, preparing a new project for the settlement that has been swallowed by silence for years.
The village contains 44 houses and historic buildings.
In Salto de Castro, there are 44 houses along with a school, a bar, former barracks buildings, and a historic church.
The village was founded in 1946 for the workers and families of a hydroelectric plant operating in the area. After the plant's operations, the settlement gradually emptied, and its last residents left the village in 1989.
Since that time, no one has lived continuously in the settlement. Thus Salto de Castro has become a village unused for about 37 years.
Turn the Village into a Tourism Center
It was noted that a different plan lies behind Beckwith's purchase decision. The entrepreneur aims to convert the village into a tourism and residential complex by restoring abandoned buildings rather than using it for personal use.
Under the project approved by the Spanish Ministry of Industry and Tourism, a comprehensive renovation of the village is planned.
The first phase envisions the creation of hotel rooms, a restaurant, a reception area, a swimming pool, and various social spaces.
The Historic Church Will Be Preserved in the Project
One of the project’s highlights will be the historic church in the village. After its restoration, it is planned to be converted into an event space where private events can be held.
Thus, the aim is to transform the village, unused for years, into a new tourism center for both accommodation and social events.
Purchase 310,000 Euro, Transformation Cost 6,000,000 Euro
The 310,000 Euro paid for the village remains quite low compared to the project's total cost. It is noted that the work to bring Salto de Castro back to life could reach about 6 million euros, i.e., 338 million TL.
However, there are also environmental concerns regarding the project. Environmental groups point out the potential impacts of the transformation work on protected natural areas and argue that the project should be closely monitored from an environmental perspective.
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