How much does the former residence of the Ceausescu family worth?

Palatul Primaverii (Spring Palace), the former residence of the Ceausescu family in Bucharest, is worth about EUR 18 to EUR 22 million, or may be leased for EUR 40,000-50,000 per month, specialists of a real estate consultancy company say.

“The Spring neighbourhood is the most sought after residential area in Bucharest on the premium and luxury segment. In our experience, properties that have historical connotations are highly appreciated by customers,” said Eduard Uzunov, President of Regatta Real Estate, on Monday, according to capital.ro.

The building, was built during 1964-1965 according to the indications of the former Communist dictator and his wife, has over 80 rooms, including a cinema, a swimming pool and an impressive wardrobe, the source reads. The building was designed by architect Aron Grimberg-Solari, while the landscape ensemble was designed by architect Robert Woll.

The area was considered one of maximum security. No car and no pedestrians were allowed on the boulevards surrounding the palace.

The residence has 3,000 square metres and has additional 4,800 square metres of land.

The furniture’s style is very varied, from Renaissance furniture up to Art Deco, British classics, baroque style and of Louis XIV and XV style.

One detail less attractive palate, say experts of Regatta company is that a plot of garden in front of the house now belongs to the Embassy of Kuwait, so that, in the future, the owner of the property could see a building with multiple floors rise right near him. Also, over time several plots of land were sold, of the initial land of 14 830 sq m have remained only 4,800 square meters.

Currently, the building is managed by RA-APPS.

The former residence of the Ceausescu family was open to the public at the beginning of March, following a proposal of the Ministry for Public Consultation and Civic Dialogue.

The legend has it that a tunnel would link the villa to the sports base on the lake’s shore, where the communist party’s meetings took place.

After December 1989, the protocol villa has been managed by the state protocol administration and hosted several official delegations. Due to the high maintenance expenses, the state put the protocol villa up for sale in 2014.