Cheap hotel

For little more than what it would have cost for a 3-night stay, Swiss contractor Lucia Filippi has just purchased a luxury 4-star hotel! The unique accommodations, hollowed out of the Swiss Alps, include 17 rooms, a restaurant, a library, spa and swimming pool, and 4,000 sq m of conference space - and are valued at $3.8 million. The site offers stunning views, but is only accessible to visitors during the summer months. Originally an an underground artillery fort, La Claustra (photos here) opened in 2004 after pricey renovations paid for by the state and private investors. It operated until 2010, when it was declared bankrupt due to insufficient visitors and high operating costs. The new owner had no intention of becoming a hotelier when he attended the July 10th auction in Biasco, Ticino, Switzerland. The bidder who did was planning to open with an offer of $102,294, but had neglected to bring a checkbook. Because of a procedural mistake, the poorly attended auction had to be started once again and asked for an opening bid of only $1,023. Filippi raised his hand and, with no further bids, paid less than the hotel's annual electricity bill in cost and fees to take ownership. Though not yet sure what he intends to do with La Claustra, he has plenty of offers for it.

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