CHANGING HANDS: Massimo Ferragamo and his wife Chiara have sold the luxury Castiglion del Bosco property to an undisclosed “international family office.”
The price has not been revealed, although sources speculate it could top 20 million euros.
The sale will help to further develop the property, but it was made in the sign of continuity as the Ferragamos will continue to be involved in the company and the current chief executive officer Simone Pallesi was confirmed in the role.
After being “dazzled” by the location more than 20 years ago, “the moment has come to further grow this unique and unparalleled property,” said Massimo Ferragamo. “The challenges and projects ahead are still many and significant.” He explained that, while proud of what has been achieved so far, he believes a change in ownership “will guarantee a consolidation and future development of Castiglion del Bosco,” as new opportunities will emerge “at a global level and in an increasingly competitive scenario.”
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Castiglion del Bosco covers 2,000 hectares and includes 62 hectares of vineyards producing around 250,000 bottles of Brunello di Montalcino wine per year. It comprises a private golf club with 18 holes designed by British Open champ Tom Weiskopf, and a five-star resort located in the storied medieval hamlet the Ferragamos restored. The resort has been managed by Rosewood Hotels & Resorts since 2015 and this will not change under the new owners.
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An expansion through 19 additional private suites has recently been announced. The resort now has 53 rooms, of which there are 42 suites and 11 private villas with pools, a spa and two restaurants.
The Ferragamos acquired the Tuscan property, one of the biggest and most storied in the heart of Val d’Orcia, around 23 miles from Siena and 65 miles from Florence, in 2003. It has attracted visitors including former President Barack Obama.
The property is not linked to the Salvatore Ferragamo publicly listed company. Massimo Ferragamo is the youngest son of the namesake founder of the company and he has lived in the U.S. for more than two decades as chairman of Ferragamo USA.
In 2020, he sold his Manhattan Park Avenue 5,800-square-foot, 17-room apartment on the Upper East Side for $11 million.