Buy a house in Italy for just a little more than $1

OLLOLAI, Sardinia -- Have you ever dreamed of owning a beautiful old home on narrow cobblestone streets in a picturesque Italian village? Now your dream can come true and it will only cost you a little more than $1.

The village of Ollolai, in the mountains of central Sardinia, an island off the coast of Italy, is offering abandoned homes for just one euro.

There is one catch though, the buyer has to commit to a refurbishment of the old home within three years.

The 200 stone-built dwellings that are up for sale are in poor condition and it's estimated that renovation costs would be about $25,000.

The idea behind the sale is to revitalize the village, bring jobs to the community and stimulate the local economy.

Efisio Arbau, mayor of Ollolai, told CNN, "We boast prehistoric origins. My crusade is to rescue our unique traditions from falling into oblivion. "

Three houses have already sold, and Arbau said he's received more than 100 purchase requests.