This restored Italian palace will be shared by more than 100 owners
In the medieval village of Casoli, Italy, a 220-year-old palace gets a facelift and becomes a shared vacation home for 126 lucky owners.
Casoli is a classic medieval town, located on a hill in the heart of the Abruzzo region in Italy. Named one of the best places in the world to retire, it is known as “Italy’s green lung” due to the wealth of national reserves and parks on offer.
Nestled under a 9th century castle is the old palace. Built in 1799, it once belonged to the noble Ricci family. Long abandoned by them, Palazzo Ricci has been neglected for decades, despite serving as an office and school. When Viaggio Resorts founder Mike Brosnan visited the village four years ago, he saw its potential right away.
“It was literally the jewel at one time, of the historic district of Casoli,” explains Brosnan.
Struck by the beauty of the entire Abruzzo region, which he describes as “therapeutic”, Brosnan immediately took the plunge, breathing new life into this historic palace.
It will soon house 14 fully renovated luxury residences, each belonging to 9 families. The company promises five-star amenities and highly personalized services.
The palace also joins the luxury vacation home exchange club, Elite Alliance. Thus, owners can temporarily swap their palace lifestyle for one of 120 upscale resorts around the world.
Why so many owners?
“Fractional ownership is a unique way to share luxury ownership without having to fully bear the expense and without having to take full responsibility for it,” explains Brosnan.
Although it can easily be mistaken for a timeshare, the project manager of Ricci Palace, Valeria Milano, explains that with a timeshare you buy the right to use a property, but with timeshare you buy real estate.
“In the future, owners will be able to sell, rent or simply give them to their children.”
Plus, unlike timeshares, with fractional ownership people can choose when they want to come each year.
The minimum time available is at least 5.5 weeks for this property, but up to six months is possible depending on demand from other owners.
Milano also believes that when people own their vacation homes, they feel more responsible to the local community.
“Palazzo Ricci is a building that is really important for the whole community. So now they are all happy because it is reborn,” says Milano.
The luxury vacation home is slated to open in 2023.
Watch the video to learn more about this project.