The Real Deal New York

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.
September 10, 2017 06:21PM

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.

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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