Villa del Senatore: a historic Umbrian estate attracts international buyers in the post-covid era

Villa del Senatore, also known as Villa di Monte Folone and originally named Villa Bergamini, was once the home of journalist and senator Alberto Bergamini, the creator of the “third page” during his time as editor of Il Giornale d’Italia.

In the 1940s, this residence, located in Santa Cristina, a hamlet in the municipality of Gubbio, Umbria, became a gathering place for intellectuals and politicians of the era. Later, the historic villa was home to one of the actresses from Federico Fellini's La Dolce Vita, before passing into the hands of the Monacelli family and subsequently a Belgian textile entrepreneur, who carried out significant renovations and upgrades to the property.

Today, this prestigious estate has a new owner who first spotted the property in an idealista newsletter. idealista/news spoke with Michele Spaziani of Coldwell Banker Perugia, who oversaw the transaction. He also shed light on how the local property market is evolving, becoming increasingly appealing to international buyers seeking privacy and tranquillity. Spaziani explained:

"Umbria, still seen as authentic, is experiencing growing interest. Since the Covid pandemic, demand has risen steadily, and budgets have increased significantly. The region is finally stepping out of Tuscany’s shadow."

Coldwell Banker

Who purchased the villa?

“The villa was purchased by an entrepreneur from Eastern Europe.”

How did you get in touch with the client?

“The entrepreneur was part of our private client database, so they received an exclusive offer for this property.”

What kind of transaction was it?

“It was a complex process. It initially began with a different client, but we stepped in with the final buyer, who successfully completed the purchase.

Overall, the negotiations lasted a year, but with the final buyer, the deal was closed within three to four months.”

Coldwell Banker

Why was the transaction complex?

“It involved two types of challenges: one related to the financial aspect and another – the real challenge – tied to the nature of the property itself.

This is, in fact, an unusual type of property for the Umbria region. Typically, those looking to buy in this area and willing to invest such significant sums are often dreaming of a castle or a grand country house, not a villa of this kind, which is more reminiscent of Porto Cervo or Forte dei Marmi.”

Coldwell Banker

So, how did you proceed?

“The property was initially listed in 2017 for €16 million, which reflected the owner’s investment in its renovation—€14 million for the refurbishment and €2 million for the interior furnishings.

However, it quickly became clear that finding a buyer willing to spend €14-16 million on a property in Umbria was going to be extremely challenging.

Over time, the owner realised that recovering the full investment was unlikely. After Covid, the price was adjusted several times. By the time we took over the sale in 2022, the asking price had dropped to €7.5 million. And there’s an important detail to note about the pricing.”

Coldwell Banker

What aspect?

"Initially, we approached the sale through private negotiations. However, working in the international market, we know how crucial it is to display the price of a property. In this case, the price was particularly attractive—€7.5 million for a property that had €16 million invested in renovations back in 2017 was, in our view, an excellent deal.

We were adamant about publishing the price, not only because it was highly competitive but also because private negotiations don’t work well in the international market—they lack transparency.

At first, we received little interest. But once we listed the price publicly, everything changed dramatically. It was a complete game-changer."

Coldwell Banker

Did most of the interest come from abroad?

“Yes, we received numerous inquiries from Americans and a couple of expressions of interest from French clients.”

How much was the property sold for?

“For around €6 million.”

Coldwell Banker

What are the features of this villa?

“First of all, the villa is located in Santa Cristina, Gubbio, a sought-after area. Even Dario Fo, the playwright, actor, and Nobel Prize winner for Literature, and the architect Gae Aulenti owned properties in this region.

The villa enjoys a highly dominant hillside position.

The estate is surrounded by 12 hectares of land and boasts breathtaking panoramic views stretching from Perugia to Gubbio.

The villa itself is meticulously designed, featuring cutting-edge amenities such as underfloor heating and a state-of-the-art Tesla boiler. It also includes a heated infinity pool, which can be covered during the winter, allowing for year-round use. Additionally, the Perugia airport is just a 20-minute drive away and is now very well connected.”

Coldwell Banker

What kind of attention is there for high-end properties in Umbria?

“For us, Covid was a turning point, undoubtedly in a positive sense. Before the pandemic, requests for properties like this were very few. Those looking for a home in Umbria were mostly after a second home, but with much smaller budgets. Even €500,000 was considered a significant amount.

After Covid, demand began to rise steadily, and budgets started to grow exponentially.

It’s something we’ve been witnessing year after year.”

Coldwell Banker

Where does the demand come from?

“In the market we focus on, which involves the sale of farmhouses and high-end properties, 95% of the transactions involve international buyers.

Specifically, American clients account for about 46% of property sales in Umbria. Without a doubt, the most significant properties, those ranging from €2 million to €4 million, are being purchased by them.

It’s also worth noting that, as a result of current trends, there has been a sharp increase in interest from Israeli buyers in the last year, although their budgets tend to be much smaller, ranging from €100,000 to €500,000.”

Coldwell Banker

What are the main needs of foreigners looking for a home in Italy?

“For this type of client, tranquility and privacy are essential.

An interesting point that our clients are telling us is that they prefer Umbria over Tuscany because Umbria has remained authentic, whereas Tuscany is becoming a bit too touristy.

It’s clear that interest in Umbria is growing. The region is stepping out of Tuscany's shadow. The local administration is working in this direction, investing to accommodate the rising demand from foreign buyers, which is definitely a positive development.”

Coldwell Banker