Benetton Bought a Venetian Palace

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LONDON, ENGLAND - SEPTEMBER 09: General View from the Ponte De Rialto over the Grand Canal on September 9, 2011 in Venice, Italy. (Photo by Ian Gavan/Getty Images) Photo: Ian Gavan/2011 Getty Images/2011 Getty Images

Benetton signed a deal yesterday to restore the sixteenth-century Fondaco dei Tedeschi, a historic palace in Venice, which they'll then turn into a shopping center. The building, located on the Grand Canal near the famous Rialto Bridge, has been abandoned for years and its sale and restoration are estimated to cost $130 million.

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