Marco Polo's Manor

What: Four bedrooms, three baths in 1,075 square feet

Where: Venice

Amenities: Dating back to the 12th century, the house is in walking distance of St. Mark's Square and the Rialto, the covered bridge that crosses the city's Grand Canal; garden views, arched windows, terrazzo floors, crystal chandelier, fireplace made of marmo rosa (pink marble).

Asking Price: $2.9 million

Opening Bid*: $2.2 million

Agent: Vivian Dimond and Saddy Delgado, Avatar Real Estate Services, Coral Gables, Fla. (305) 666-1800

Due Diligence: This fixer-upper is like a historical layer cake: The first floor was built in the 12th century, the second in the 13th and the third and fourth in the 14th and 15th centuries. According to Turismo Venezia, the tourist office of Venice, in an early incarnation it was the home of explorer Marco Polo, who lived from 1254 to 1324, and spent 24 years exploring Mongolia and China, becoming a confidant of Kublai Khan. Because of this, the home has been designated a "historic interest building" by the city; that limits renovation of the facade and requires permits to renovate the interiors. The current owner, Pietro Ballero, Italy's ambassador to Bangladesh, inherited the home from his family. He did some renovation in the 1970s, but says it still needs a lot of work; for instance, the kitchen is old and needs electrical updating, and the washing machine doesn't work. "If I were rich, I'd transform it into a masterpiece," he says. He's selling because his work keeps him out of the country for long periods of time. His American agent, Vivian Dimond, says that the average home in Venice sells for around $1.5 million.

Additional Photos

*The opening bid is Weekend Journal's estimate of a reasonable starting point for negotiations to buy the property, based on past sales, prevailing market conditions and interviews with local real-estate experts.

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