We know from various social media post by the Queen of Pop, Madonna, that she has “packed up, picked up and moved to Portugal” but the question is where will she be living? The word on the street is that she has acquired the historic Quinta do Relógio estate in the picturesque hilltop village of Sintra for just under $9 million. To say the mansion looks “down and out” is perhaps stretching the truth a little but it is certainly in need of renovation!
What does $9 million buy you in historic property?
Set in 5.5 acres the Quinta do Relógio estate is certainly something a little different, no, something very different. The asking price may seem a little on the high side, given the comments about renovations, but comes with a main mansion boasting four bedrooms and seven bathrooms all spread over a generous 16,000 ft.² of living space. Then there is a guesthouse and caretaker’s cottage!
It may surprise many to learn that the mansion, which is central to the whole estate, is not currently habitable. Yes, Madonna has paid $9 million for a property which she is not able to move into straightaway! However, the majority of the structural work required to make the building safe has already been completed and the 150 year old foundations have been strengthened.
Maybe Madonna can move into the guesthouse which has 4700 ft.² of living space of the caretaker’s cottage with a more modest 1110 ft.² of living space?
Expensive renovations
While this property has a history which is perhaps reflected in the relatively high asking price it will take literally millions of dollars to restore it to a property fit for the Queen of Pop. We are being a little unfair with regards to the need to renovate the property because the shell and the basic inner requirements are there. It would be foolish to write off Madonna’s plans to renovate the property and bring it back to its former glory because she has an extremely good track record when it comes to real estate. We await with anticipation developments with this property….
Wheeling and dealing
Madonna is estimated to be worth in the region of $580 million and while her primary home is in New York City she has bought and sold a number of properties over the years. She also maintains an array of multi-million dollar properties in her portfolio taking in areas such as the Harperley Hall Building on the Upper West Side, the Upper East Side and Bridgehampton where she acquired a 50 acre equestrian estate.
Like many of the successful modern day celebrity property investors, she is not averse to selling out, upping sticks and moving to the next property hotspot. She has already shown her renovation skills with an impressive custom-built two-story residence on her equestrian estate. While the Quinta do Relógio estate will require significantly more work and investment we can only estimate its potential value if the $9 million price reflects its current state.
The challenges of Renovating
There are few celebrities who choose to renovate such expensive properties as the Quinta do Relógio estate mansion acquired by Madonna. This type of renovation will be expensive even if it is straightforward although we can only guess what challenges lay within the estate.
How much would it be worth fully renovated, $20 million, $30 million, more? Who knows………….does Madonna?
Note: The Quinta do Relógio estate is classified as a World Heritage Site