The gorgeous, century-old villa, which fronts Võ Văn Tần, Bà Huyện Thanh Quan and Nguyễn Thị Diệu Streets in District 3, may not be long for this world, reports Vietnam Net.

The 2,800sqm building, known as the “French House” by local residents, had been listed for $47 million by the elderly owners for the past 5 years. Finding no takers, they have since lowered their asking price to $35 million.

“The villa was built during the French colonial period with construction materials reportedly brought from France and other European countries. It took dozens of highly skilled builders nearly a year to finish the structure,” according to the paper.

Over 100 years after its construction, the house’s magnificent architecture has remained intact.

The owners expressed concern that once sold, the new owner will demolish the historic structure and replace it with a modern one.

Ho Ngoc Lam, a realty expert, said the new asking price is inline with its value, given its “prime location.” “Investors can quickly recoup investment if they replace the villa with a trade center or an office building,” he said.

However, Chairman of Khai Hoan Land Company, Nguyen Khai Hoan, said that it would be difficult to obtain a construction license for the property given that the building is subject to conservation policies (these exist?) and that current regulations prohibit the erection of structures over 25m on the property.

We attempted to take some photos of the building and its exterior, but were quickly shooed away by the staff that runs an antique furniture store on the first floor.

If anyone in our audience is a billionaire with plenty of đồng to spare, let us know if you’re interested in starting a historical preservation fund whereby old buildings like this are bought up and saved from the wrecking ball.

[Photos via Zing]