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Austrian billionaire Rene Benko overtook compatriot Dietrich Mateschitz to buy old hunting ground in the province of Styria, once again confirming the appetite for forests among Austria’s wealthiest people, Bloomberg reports.
The family trust of real estate magnate Rene Benko paid nearly 30 million euros to buy the Stueblergut property, located halfway between Vienna and northern Italy. The property has 1,300 hectares of land and woodland, a small chapel and a historic inn, built in 1300, which served as a stopping place for travelers traveling from southern to northern Europe. The property was sold by the Italian Morassutti family, who have owned it for over 100 years, writes agerpres.ro.
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“It is a wonderful property with a long tradition and buildings of historical value. We intend to renovate the whole complex and for us this is a good way to diversify our portfolio,” said Benko.
With this acquisition, Benko will set foot, for the first time, in the region where his rival Dietrich Mateschitz comes from. The latter, the richest man in Austria, built his fortune by founding the company that sells the Red Bull energy drink. Over time, Mateschitz bought several properties in the province of Styria and restored the palaces of these properties.
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Forests are a favorite resource of wealthy Austrians because they allow them to escape from big cities and at the same time enjoy the long-term appreciation of the value of their investments. Ancient Austrian families, such as the Habsburgs, and the Catholic Church are among the largest landowners in Austria.
Rene Benko has villas on two hunting grounds in the provinces of Burgenland and Tyrol. The billionaire, who lives in Tyrol, says he has started investing in forests to diversify his real estate empire, which mainly includes commercial space and office buildings. In the past, Benko has invested hundreds of millions of euros to renovate historic buildings in Vienna, allowing public access to some of these buildings.
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With the acquisition of Stueblergut, Benko also took over an inn that was used by wine merchants who traveled between southern and northern Europe to sell their wares. Located at an altitude of almost 1,500 meters, near an alpine pass, the inn is famous for its cooking with fireplace, which dates back more than 700 years.
“Such a property hits the market once a century,” says Klaus Bischof, the real estate agent who helped the Morassutti family sell the property.
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Bischof says he only offered this property to a small number of clients he knew were interested.
“You can enjoy this property, its value will increase and you can generate an annual income from the lumber. It is a good way to diversify your portfolio,” the real estate agent said.
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