Nagy wants to put a restaurant on the ground floor of the 2,000-square-meter building, a large exhibition space for classicist Hungarian paintings on the first floor and a small exhibition space for contemporary art on the second floor.
Nagy is an avid collector and owns works by the Hungarians Károly Ferenczy, Károly Markó and László Mednyánszky.
Budapest galleries have already expressed interest in showing at the Iron Rooster House, which is also expected to host auctions.
The renovation is expected to be completed late in 2013.
Nagy says he hopes to recoup his investment in 20-25 years.
Source: Hungarian News Agency (MTI)
