Italy buys back Michael Harte’s Budelli island

Jan 17, 2014 2133

By Paris Cowan

The Italian Government has reversed the sale of a Mediterranean island bought last year by Commonwealth Bank CIO and avowed conservationist Michael Harte. The purchase stirred controversy in Italy, forcing the Italian government to react to a backlash against foreign ownership of the island of Budelli, which has been in private hands for many years.

The Italian senate passed legislation that would allow it to buy back the island, and according to Italian news website Republica.it it successfully applied to make the purchase just 24 hours before the deadline for the retrieval passed on 8 January.

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Source: http://www.itnews.com.au/

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