Restoring Padure Manor through Community Finance Endeavors
The renovation of Padure Manor, a historic estate in Latvia, is gaining momentum with the launch of a second round of crowdfunding on the Crowdedhero platform. The aim of this fundraising effort is to raise up to €150,000 to continue the restoration work.
Jānis Lazdāns, Chairman of the Board of Padure Manor, has been instrumental in pioneering this innovative approach to raising funds for cultural heritage restoration in Latvia. So far, 108 people have become shareholders, enabling significant renovation work, including the installation of water and sewerage systems in the attic and basement at a cost of approximately €70,000.
The focus of the current renovation work includes the installation of a heat pump to improve the heating system, especially on the main floor where dampness threatens the preservation of restored paintings. Additionally, the Ivy Room will be finished by repairing windows, doors, floors, and walls, and the Heather Room will be prepared for use. If funds allow, the project intends to proceed with renovations of the Park Rooms.
Notable among the investors is Raitis Bardavskis, an anaesthesiologist and reanimatologist, who has continued his support from the first round into the second round, demonstrating ongoing investor confidence and commitment. The price per share in the current round is €425, higher than the first round due to the additional investment in the manor.
The crowdfunding campaign reflects ongoing investor interest and a concrete plan to preserve and enhance Padure Manor’s historic fabric. The estate is included in the company's share capital, and investors in the second round will receive class B preference shares, which provide dividend preference and liquidation rights, but no voting rights.
The ultimate goal of the renovation project is to transform Padure Manor into a gourmet hotel, further enhancing its historical significance and attracting visitors from around the world. Other funds are being raised for the restoration of Padure Manor, including the uncovering of historical paintings in the dining room.
This approach to funding is a first in Latvia’s cultural heritage sector, and the campaign for Padure Manor serves as a testament to the potential of crowdfunding in preserving and enhancing the country's rich history and heritage.
[1] Information sourced from the Padure Manor crowdfunding campaign on Crowdedhero.
- Jānis Lazdāns, the Chairman of the Board of Padure Manor, is using innovative crowdfunding on the Crowdedhero platform to raise funds for media efforts related to the restoration of the historic estate in Latvia.
- With the launch of a second round of crowdfunding, Jānis Lazdāns' strategy has attracted investors from various sectors, such as Raitis Bardavskis, an anaesthesiologist and reanimatologist, who is interested in real-estate investing.
- Once fully restored, the renovated Padure Manor will be transformed into a gourmet hotel, attracting investors not only for the historic significance but also for its potential in the finance and business sector.
