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Why billionaires are buying castles: Legacy, luxury, and lifestyle in historic homes
Properties with old-school builds and legacies that span generations are calling your name
For the world’s most discerning buyers, prime real estate is no longer confined to lavish penthouses or branded residences. Increasingly, wealthy investors are looking backwards — not just to history, but to the very buildings that once defined it. Popular across the UK and Europe, castles, chapels, and monasteries are being painstakingly converted into luxury homes that blend centuries of heritage with the comforts of modern living.
Owning a historic property isn’t merely about square footage; it’s also about status and stories. These structures carry with them the weight of dynasties, rituals, and craftsmanship long forgotten in modern architecture. For example, a Gothic chapel in rural France with stained-glass windows that have survived centuries of worship, or a Scottish castle with battlements surveying the Highlands, offers residents something money cannot usually buy — legacy.
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Castles Reborn
Scotland has long been the poster child for this revival. Properties like Tulloch Castle in Dingwall, once a crumbling ruin, have been transformed into residences that mix private ownership with boutique hospitality. In Wales, Castell Deudraeth, set near the whimsical village of Portmeirion, was rescued from decline and now thrives as a stylish hybrid of hotel and residential space.
England has seen its fair share of resurrections, too. The Landmark Trust is a charity that rescues and restores historic buildings and lets them out for holidays. Any income it receives from the lettings goes back into the charity to maintain the real estate.
Across continental Europe, chapels and monasteries are undergoing similar metamorphoses. In France’s Dordogne, a 15th-century chapel was converted into a striking home that preserved its vaulted arches while weaving in interiors of glass and steel. Italy and Spain are also dotted with cloisters and convents reimagined as countryside retreats for rich individuals seeking privacy, authenticity and cultural gravitas.
Middle Eastern buyers have always appreciated historic properties, like castles and stately homes, across the UK and Europe. However, we’ve recently experienced even greater interest, referred through our global network and international offices"
Andrew Barnes
Prestige properties
The scarcity of heritage homes is precisely what makes them so desirable. Unlike beachfront villas or shiny new apartments, the number of castles and chapels is finite. For wealthy buyers, rarity is a key driver of long-term value.
Andrew Barnes, senior director for the Cotswolds at UK Sotheby’s International Realty, says that interest has risen noticeably among international clients. “Middle Eastern buyers have always appreciated historic properties, like castles and stately homes, across the UK and Europe. However, we’ve recently experienced even greater interest, referred through our global network and international offices. One of the largest, and most important, stately homes in the Cotswolds was recently acquired by a Middle Eastern royal family.”
For this buyer base, ownership isn’t only about lifestyle but also about influence. As Barnes notes, “Buying a property steeped in history is often a passion for buyers. Such properties have incredible architecture and beautiful surroundings, which, combined with modern conveniences, make for an extremely attractive combination.”
Yet, alongside the romance lies complexity. Owning a listed building in the UK, or its equivalent in Europe, comes with extra rules and regulations. Every modification requires approval from heritage authorities, meaning renovations often involve delicate negotiations with planners and conservation boards.
Barnes acknowledges this reality. “When refurbishing or renovating Listed Buildings, owners are required to use contractors and materials that have been specially approved. While skilled craftsmen are available, not all are willing to go through the approval process — and those who are approved are in very high demand.”
That bottleneck creates challenges, but also opportunities. For owners who succeed, the rewards are extraordinary. Imagine underfloor heating seamlessly integrated beneath 16th-century flagstones, or a wellness suite discreetly built behind cloistered arches. These juxtapositions are what make historic conversions so compelling — luxury without erasing legacy.
Restoration budgets, however, can easily dwarf the purchase price. Roofs, stonework, and stained glass don’t come cheap. And while the costs can be daunting, Barnes notes that these properties are generally long-term investments, often compared to collecting fine art or vintage cars. They aren’t quick development plays, but treasures to be held and enjoyed over decades.
Emotional Capital
If Barnes highlights the practical side, luxury behavioural consultant Nataliya Khudykovska focuses on the emotional. For her, castles and chateaux resonate far beyond their walls. “These are not just buildings. This is status. This is an icon. This is a reflection of blue blood,” she explains. “We have it coded within us: castles were owned by kings, nobility, families connected to power and influence. When someone rises from poor circumstances and becomes a billionaire, they often feel the desire for a symbolic confirmation of their rise.”
In other words, for the nouveau riche, ownership of a medieval fortress isn’t just real estate — it is a coronation. It cements their place among the elite and signals their ascent via property.
Khudykovska also notes that such ownership acts as a social key. “Owning an iconic object opens doors. It gives access to circles of influence. And for the ultra-wealthy, one rule applies: they cannot afford to own something ‘ordinary’. Their properties must reflect what they represent — power, unattainability, and uniqueness.”
Going boutique
While passion drives many purchases, others see business opportunities. A growing number of speculative investors are turning castles into hybrid ventures — event venues, boutique hotels, artistic residences, or experiential concepts.
One of Khudykovska’s contacts owns a Spanish chateau that was transformed into a revenue-generating model: part Airbnb, part venue for investor events, offsites, and meditation retreat. Over seven years, the owner achieved a threefold return, powered by smart positioning and strong PR.
The potential revenue streams are broad: film and television rentals, high-ticket weddings, exclusive accommodation, or even weekend getaways for entrepreneurs. A castle, after all, offers drama and gravitas that no modern hotel can replicate.
But risks abound. Maintenance costs can spiral and liquidity is limited. “Selling a chateau is a completely different league to selling an apartment,” Khudykovska warns. Without a clear business model, ownership can become a financial black hole.
Despite the challenges, demand shows no sign of waning. Today’s custodians of castles and monasteries are not feudal lords but global billionaires, royals from the Middle East, Silicon Valley entrepreneurs, or families looking for legacy investments.
Barnes points to Ombersley Court — a historic English estate currently marketed exclusively through Sotheby’s — as an example of the calibre of properties attracting the attention of rich people. These homes are coveted not just for their architecture but also for their symbolism: permanence, privacy, and prestige.
At the same time, there is a growing emphasis on sustainability. Ancient stone walls were never designed for energy efficiency, but modern owners are integrating ground-source heat pumps, discreet smart glazing, and eco-lighting to balance heritage with responsibility. The goal is not only to
preserve history but also to ensure its relevance for future generations.
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