Whenever a town may find that real estate in said town is in an isolated location and is uneconomic for farm or home use or has been abandoned or allowed to go to waste, said town may at any legal meeting grant and vote such sums as it may judge necessary to purchase or rent said property and for the repair and improvement of any buildings thereon for the purpose of getting said land and buildings back into productive use and shall by vote authorize the selectmen to make such purchase or such improvements and repairs and to use or dispose of said property. The property acquired under the provisions hereof may be used or disposed of for such recreational, forestry or other purposes as the town may deem to be in the public interest, or may be sold at public auction or private sale by the selectmen or their authorized agents when in the opinion of the selectmen such sale would result in increasing the taxable valuation of the town, or be for the public interest.