Valle Piola, Medieval Italian Village, On Sale For $782,040

04/18/2011 03:01 pm ET | Updated Jun 18, 2011

Anyone weary of rising home prices in their city might look to Italy's Apennine Mountains, where aspiring property owners can buy an entire village for a mere $782,040.

As the Irish Independent is reporting, the medieval hamlet of Valle Piola has been put on the market because there are no public funds to restore it or protect it from vandals. The village consists of 11 crumbling stone buildings, including a 13th century church, and is located in the middle of the Gran Sasso national park in Italy's Abruzzo region.

According to Daniele Palumbi, the mayor of the nearby town of Torricella Sicura, Valle Piola -- which has been deserted for about 30 years -- has plenty of old world charm, but might require a skilled handyman or two. "It's a beautiful spot, a real jewel, and the buildings are all made of local stone," Palumbi said. "We're not giving an estimate of how much it would cost to make the houses habitable -- it will be up to the buyer to come up with a plan."

Drawbacks including limited access (a dusty dirt road, to be exact) to the outside world and heavy snow are balanced out by long, hot summers, the Telegraph reports. In fact, the region's climate could make it ideal as a tourist establishment. "There's been a lot of interest from potential buyers in Italy, though nothing from abroad so far because it has not been widely could be turned into private homes or some sort of tourist development," Palumbi says.

As if to emphasize the bargain, the Telegraph also provides some witty comparisons elsewhere in European real estate. For $812,085, you can net royal bride-to-be Kate Middleton's childhood home.

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