This restored Italian palace will be shared by more than 100 owners

A 220-year-old palace in Casoli, Italy is being renovated and will become a holiday home for 126 people.

Casoli, a medieval town on a hilltop at the heart of the Abruzzo Region of Italy, is a traditional medieval settlement. It’s one of the most desirable places to retire in the world, and is known as the “green lung of Italy” because of its abundance of national parks and reserves.

The old palace is hidden below a castle from the 9th century. It was built in 1799 and once belonged to the noble Ricci family. Palazzo Ricci was abandoned decades ago by the Ricci family. It has served as an office and school for many years. The potential of the village was immediately recognized by Mike Brosnan, founder of Viaggio Resorts.

Brosnan says, “It was literally a gem at one point, of the historical district of Casoli.”

Brosnan was struck by the beauty of Abruzzo, which he called ‘therapeutic’. He immediately got to work, giving new life to this historic palace.

The building will soon be home to 14 luxury residences that have been fully renovated and owned by nine families. The company promises high-quality amenities and personal services.

The elite alliance is a luxury home exchange program that the palace will be joining. The owners will be able to temporarily exchange their palace lifestyle for one 120-star resort around the globe.

Why are there so many owners?

Brosnan says fractional ownership “is a unique way of sharing in a luxurious property without having entirely to bear its expense and without having any responsibility whatsoever.”

It could be mistakenly thought of as a timeshare. However, Valeria Milano (project manager at Palazzo Ricci) explains that while you purchase the right to use the property, fractional ownership means you own real estate.

“In the future, owners can resell them, or rent out, just give them to their children.”

A fractional ownership allows people to choose when and where they want to travel each year, which is a significant advantage over a timeshare.

This property is available for a minimum of 5.5 weeks, but it is possible to keep the property open up to half a calendar year depending on how many owners request it.

Milano believes that people feel more responsible for the community when they own their vacation homes.

“Palazzo Ricci, a building that is very important for the whole community. Milano says that everyone is happy now that the building has been reborn.