Porsche To Sell German Castle
Updated: Sunday, 02 Oct 2011, 10:19 AM EDT
Published : Sunday, 02 Oct 2011, 10:19 AM EDT
(NewsCore) - German luxury carmaker Porsche is putting up for sale a Bavarian castle that it snapped up for €6 million ($8 million) in 2006, a spokesman said Sunday.
"We are parting company with this estate," the spokesman told the Frankfurter Allgemeine Sonntagszeitung, after the paper said that Porsche was selling Schloss Bullachberg, near the famous Neuschwanstein Castle, in southern Germany.
Porsche purchased the castle five years ago under previous boss Wendelin Wiedeking, hoping to transform the 1.9-million-square-foot (180,000-square-meter) building into a luxury hotel. But the required renovation work never got going, the newspaper said.
The automaker built up massive debts as it looked to seal a tie-up with Volkswagen, Europe's biggest car manufacturer, but said in August that it booked a first-half net profit of €149 million, bouncing back from heavy losses.
Copyright 2011 AFP. All rights reserved.