The Primaverii Palace is estimated at 18-22 million Euro

The Primaverii Palace, the former residence of the Ceausescu family in Bucharest is worth almost 18-22 million euro or it could be hired for 40,000 – 50,000 euro per month appreciates the specialists of a company for real estate consultancy, in a press release cited by Act Media.

2016-03-29 13:47:21

"We had these estimates to give value closer to reality and moreover, we tried to make a comparison to the properties existing on the market starting the present moment. The Primaverii neighbourhood is most wanted area in Bucuresti on the segment of luxury and premium residences and we have in the portfolio several properties in this area. Our experience says that the properties with historical context are extremely well appreciated by the buyers' says Eduard Uzunov, the chairman of the Regatta Real Estate.

The Palace on Primaverii Blvd was built in 1964-1065 on an initial surface of 14,830 square metres after a project of architect Aron Grimberg-Solari. The architecture of the palace is completed by the landscaped area imagined by architect Robert Woll who was also the main furniture designer of the residence.

The residence has a built surface of 3,000 sqm and has, at present grounds of 4,800 sqm as well as a swimming pool, sauna, cinema hall, exotic plants greenhouse, peacocks. There are also 80 rooms decorated with silk paperwall, wooden panelling, paintings signed by famous Romanian painters, mosaics, marble, chandeliers and Murano glasses.The style of the furniture is varied, from Renaissance to Art Deco style, British classical pieces, Baroque and Louis XVI and XV.

The value of the building is estimated at almost 6-8 million euro and of the land at 12-14 million euro, values which include the price of residences and land in the Primaverii Neighbourhood which has always been according to the real estate specialists the most wanted area in Bucharest for premium and luxury houses.

One detail lowers the attractiveness of the palace, say the experts in Regatta: a part of the garden in front of the building is owned by the Kuweit Embassy, which means that the future owner could have the surprise of having a multi-storey building placed there. Moreover,along the times, several pieces of land had been sold from the initial land, so there are only 4,800 sqm left.

At present, the building is managed by RA-APPS. In 2014 the government decided to the take the palace from the protocol basis and prepare it for sale, as the managing costs are very high and the building was used several times per year by official delegations.

The first buildings in the Primaverii Neighbourhood were built in the 1930's.Initially Primaverii was a neighbourhood of civil servants, as the gas and electricity factory of Bucharest divided the land of the former Jianu park and gave it to the employees to build houses. These houses were nationalised after the communists arrived and the owners sent away, then to be used by the communist dignitaries. Thus, the neighbourhood was residential area of the new nomenclature, inaccessible to the public, feature still valid today.