Would you take on this derelict Shanghai fixer-upper for $24M?

This shabby architectural gem was owned by a hat maker before becoming a Maoist museum.

Sep.September 10, 2017 06:21 PM

The Shanghai mansion, listed for about $24 million, has an interesting backstory.

The 8,600-square-foot house was built for a hat maker and his six wives until the Cultural Revolution began and Mao’s Red Guards kicked them out. The Red Guards turned it into a museum to mock the wealthy in 1966 and named it the Crystal Palace, according to the Wall Street Journal.

Built in 1949, the house is one of a few old homes still in tact and has been given landmark status for its unique architecture, which blends European and Chinese influences.

Though property tax will be over $3 million on top of the sales price, the Savills agent managing the listing told the Journal the fixer-upper was a comparatively good deal. [WSJ] — E.K. Hudson

Related Articles

(Credit: iStock)

Here’s what the EB-5 rule changes mean for real estate

Bizarre case of deed fraud complicated Anbang’s $5.8B hotel portfolio deal

Bizarre case of deed fraud complicated Anbang’s $5.8B hotel portfolio deal

The trade war has created an uncertain environment for construction. (Credit: iStock and Getty Images)

General contractors are suffering under Trump’s new tariffs on Chinese goods

From left: London, Shanghai and Paris

In London, WeWork already reaping rewards of planned Brexit: Global property

(Credit: iStock)

What China’s warning to students studying in the US means for real estate

An aerial view of Hong Kong Downtown (Credit: iStock)

How long can Hong Kong’s family real estate dynasties last?

Some in the industry say the situation with China has been up in the air for some time now (Credit: iStock)

U.S.-China trade war escalation leaves real estate in the dark

88 Pine Street wrapped in barbed wire (Credit: Google Maps)

Human rights watchdog has FiDi lease denied… by the Chinese government?