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The luxurious Sardinian beach estate of Italy’s late former prime minister Silvio Berlusconi, where he once vacationed with the world’s most powerful leaders, is going on sale for €500mn.
The five children of Berlusconi, who died last June aged 86, have agreed to sell the asset, which will be privately marketed by Milan-based real estate adviser Dils, according to three people with knowledge of the transaction.
Dils chief executive Giuseppe Amitrano declined to comment. A spokesperson for the Berlusconi family holding company Fininvest declined to comment.
The real estate tycoon turned media mogul and politician purchased the 110 hectare estate on the island’s north eastern coast known as Costa Smeralda, in the late 1980s and refurbished it entirely.
The lavish property, which boasts 68 rooms, direct access to the Mediterranean Sea, multiple swimming pools, tennis courts, gardens the size of 80 football fields and an amphitheatre, once hosted former US president George W Bush and former UK prime minister Tony Blair.
In 2004, Blair was treated to a dazzling firework show, which spelt out “Viva Tony”.
Russian President Vladimir Putin also vacationed at Villa Certosa with Berlusconi multiple times between 2003 and 2010.
Possible buyers include Emirati, Saudi, Indian and US billionaires. Dils will contact potential buyers directly and there will be no public advertising of the property, the people said. Viewings should begin in February.
The property could also be of interest to international luxury hospitality groups, they added.
The island of Sardinia was traditionally a popular destination for Russian oligarchs and several of the most luxurious villas in the Costa Smeralda area, which includes the resorts of Porto Cervo and Porto Rotondo, were acquired in the 1990s by Russian nationals. However, the sanctions regime related to the war in Ukraine makes a purchase by Russian national unlikely.
According to a 2021 appraisal the estate was worth €260mn. The current asking price was higher than what the family hoped to make from the sale, said one of the people.
Villa Certosa has reportedly gone on the market twice before in 2010 and 2015. But Berlusconi had always denied rumours of a potential sale.
Italian media reported Berlusconi turned down a €500mn offer in 2015 from the Saudi Royal family, allegedly the second purchase attempt from the al-Saud family.
The largest properties of the late Berlusconi were owned through Idra, a real estate company.
Before his death last year, management costs for the properties, including the Sardinian one now on sale, rose from €21mn to €24mn, according to publicly available information. More than half of the costs were linked to repairs, maintenance and upkeep of the outdoor spaces. Total electricity costs in 2022 amounted to €1.3mn.
The family owns multiple other properties through several other companies in Italy and abroad. While some expensive assets such as Villa Certosa will be sold, others will stay in the family.
Daughter Marina Berlusconi, Fininvest’s chair, is set to acquire Villa Campari on Lake Maggiore in northern Italy from her siblings, according to one person close to the family. Her younger sister, Barbara Berlusconi, has plans to buy, also from her siblings, full ownership of Villa Macherio, the estate close to Milan where she and her siblings from the late Berlusconi’s second marriage grew up.
The person added Arcore, the estate close to Milan that for the past 50 years was the late tycoon’s main residence, will also stay in the family.
