Europe’s losses may turn into the real-estate investors' gains.
The governments of Italy and Greece hope to raise more than $2 billion from selling off treasured land and properties. There are palaces and castles in Italy and lots of island property in Greece.
Greece has especially eye-catching bargains, as Donald Trump noted on CNBC earlier this summer. "You're getting the land for nothing, you're getting everything for nothing,” said Trump.
No one has done a big deal yet in Greece or Italy – probably because they want to wait to see what happens to the euro zone. Other likely obstacles are the red tape, ownership questions and zoning issues that come with buying a piece of European history.
Yet for the risk-embracing, intrepid rich, here are five trophies that can now be yours in Europe. (Read more: Larry Ellison Extends His Buying Spree)
Orsini Castle. Built by a pope in the 1270s, this castle in the Lazio region of Italy served as a “security castle” (that’s prison to you and me) until the 1990s. No word on price, but clearly this falls into the category of fixer-uppers.
Palazzo Bolis Gualdo. Located in the fashion district of Milan, this building would be the perfect spot for an investor to open another high-end handbag or diamond store. Price? Around 31 million euros.
If Veniceis more your style, consider buying the 18th century Diedo Palace for Euros 16 million. Gondola not included.
Mykonos. Greece has put up for sale some large properties on some of its most treasured islands. A prime example is a chunk of the island of Mykonos, known for its twin indulgences of beaches and night life. Price? Around $166 million, not including the costs of turning the property into a luxury real-estate development.
My favorite pick of the Euro red-tag sale is Corfu. The government is selling about a half-million square meters of the island. Many say Corfu is the famous Phaeacia described in Homer’s "Odyssey." Phaeacia was Odysseus’ last stop during his 20-year journey home – an island of magical ships steered by thought. (Read more: Super-Yachts at a Discount)
There’s no price yet on the Corfu plot. But perhaps the island can work some of its magic on the Greek government.
-By CNBC's Robert Frank
Follow Robert Frank on Twitter: @robtfrank