ROME – A retired American consultant in his 60s recently bought and resold an Italian castle in just three weeks, making a profit of more than €1 million.
Steven Hill, a former environmental engineering regulator and consultant in Washington state, bought the magnificent property from an aristocratic Italian family in the Emilia Romagna region last December for €1.82 million (£1.56 million). Castello di Serravalle, which the family has owned for 35 years. . It includes a magnificent 18th-century palace, Palazzo Boca di Ferro, a hunting lodge, a four-story watchtower and a park.
About three weeks later, in January, Mr Hill resold it to a local Italian businessman for €3.1m (£2.66m), almost double what he paid.
Franco Giuliani has always been fond of the castle but has not stepped forward to purchase it, even though the lavish property has been on the market for six years because he was busy with other projects.
“Shortly before completing the purchase, I was contacted by Franco Giuliani, who made multiple offers to purchase the castle,” Mr. Hill told me I. “He ended up making me too much of an offer that I couldn’t refuse. He will become the new owner sometime in March or April.
“I heard that Mr. Giuliani grew up in the area near the Castle and has a very personal attachment to the property. We hope he will love and respect this place as much as we do.”
Mr Hill’s wife Janice has always considered writing a career and the American couple have often joked about emulating JK Rowling and buying a castle if she sold her first novel. When they went to see the building, it was love at first sight.
“We love the property – its location, the blend of medieval and enlightenment architecture, and the history of the area and the castle itself,” Mr Hill said.
“We plan to live there six months a year and use it as a base for trips to Italy and Europe.”
Mr Hill said the American couple rejected Mr Giuliani’s initial offer but eventually the 74-year-old Italian businessman “increased his offer, allowing us to find and purchase another property that better suited our plans. So we Accepted his offer… and is buying another property near Milan”.
The Julianis family once owned a historic video game company near Modena.Franco’s 44-year-old son Roberto Giuliani narrates I They have big plans for the future of Serravalle Castle and are proud to “bring it back” to Italian hands.
“Our family has always loved this land and its history. The recognition of the uniqueness of Palazzo Boca di Ferro prompted us to take this important and ambitious step,” said Roberto.
“Our decision was accompanied by affection and a deep connection to the land we live in, and for us, bringing the castle back to Italy is a matter of great pride.”
He said the Giulianis had no plans to live in the building but wanted to open it to the public and use it to revitalize the area. He added that the family had known the castle had been for sale for some time but had been too busy with other work to make an offer.
“We wanted to give these walls a new life… aiming to preserve their charm and respect their historical value,” Roberto added.
Flash sales and flash sales have baffled locals in the area and become the subject of gossip in pubs and butcher shops.
“We are a bit shocked that a foreigner came along and made so much money so quickly by reselling the castle, compared to an Italian who lived in the area who could have made it for so little a few years ago. You get it for a good price,” said Anna Bianchi, a 75-year-old housekeeper from Modena.
“There’s a lot of chatter about this American’s sudden fortune, but at least now the castle belongs to an Italian family again.”
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