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That looks like a historic town centre building so the cost is likely for replacing the blocks with identical sandstone pieces in line with historic conservation laws. I suspect the paint won't just clean off.
They've got plenty of money though.
Not replacing but restoration work involves studies of the materials to choose the right chemicals, meticulous cleaning (sometimes with a toothbrush) and even repainting with the exact color match which again involves studies, sometimes it goes as far as taking samples and running chromatography on them.
Source: close friend with masters in restoration