Fondazione Venezia puts Casa dei Tre Oci up for sale amid financial crisis

Fondazione Venezia, the non-profit organization that evolved from the former Cassa di Risparmio di Venezia, is in the process of selling off cultural assets, including the Casa dei Tre Oci located on Giudecca Island. President Michele Bugliesi revealed this decision to liquidate assets exceeding 130 million euros, which constitutes 30% of the foundation's total 400 million euros. The goal is to reinvest in lucrative financial instruments, with an aim to boost annual funding for art and culture from 4-5 million euros to 10 million euros by 2023. The foundation is also dealing with a 7 million euro debt linked to the M9 Museum project. Casa dei Tre Oci, acquired in 2000 and opened in 2012, has showcased works by famous photographers. Despite Mayor Luigi Brugnaro's reassurances in May 2020, there are worries about potential commercialization.