Scare-seekers and ghost hunters call this place 'the haunted island' or 'hell.' The sane ones stay away from this 'island of madness' and the curious noses end up becoming maniacs. All this happens on Poveglia Island, Italy.

Located between Venice and Lido, Poveglia is notorious as one of the scariest places on earth. And it is now up for auction by the Italian government.

In order to pay its public debt and conciliate budget guidelines for the European Union, the Italian government decided to put Poveglia on sale. This 17-acre Venetia lagoon is expected to fetch the government around $841 million, according to Aol Money. The government is offering the island on a 99-year lease.

The Italian government says that the building is in a "state of poor maintenance." However, they allowed permission for the renovation of Poveglia. The island will go live for auction May 7 with no guide prices.

 The Telegraph reports that the Italian government plans to transform it into a luxury hotel. However, a group of architects and planners have launched a campaign to buy the island in order to stop further privatization of Poveglia Island.

What makes Poveglia Island so scary?

Poveglia is a rustic island with a macabre past. The stories of trauma and torture date back to 18th century when thousand of European plague victims were shipped to Poveglia and left to die. It was used to quarantine the infected. The bodies of the deceased patients were burned in mass graves, states Huffington Post in a 2013 article. The torment continued for over a century. It is said that the over 50 percent of the soil in the island comprises of human ash.

In 1922  a mental hospital was setup on the island. A doctor there conducted lobotomies on patients.  But the doctor's fate was sealed on this ghoulish island, he jumped off a bell tower claiming ghosts drove him mad. The hospital was closed in 1968 and since then it has stood empty.

The Independent reports the most famous rumored ghost on the island is that Little Maria. She stands crying looking out across Poveglia toward her home.

The island is closed due to its ghastly history. No tourists or visitors are allowed at Poveglia. One has to go through a lengthy process to get approval from the Italian tourism board to step on the island. In 2012, paranormal investigators from the  'Ghost Adventures' show went to Poveglia and spent one whole night there. One of the presenters claimed to have been possessed.

Take a trip to Poveglia Island here: