Family Office Real Estate

Family office buys historic resort and wine estate for more than $300 million

A family office bought a top resort and wine estate linked to one of Italy’s most famous fashion dynasties for a rumoured €300 million-plus. 

The Italian estate, ​​Castiglion del Bosco in Tuscany, combines a famous wine-producing area with a village, numerous luxury villas, a five-star hotel, and an 18-hole golf course. Altogether it is spread over 2,000 hectares and around 60 hectares of the estate comprise vineyards, famous for producing Brunello di Montalcino wine, among the most famous in Italy. The estate produces around 250,000 bottles of the so-called DOCG wines, the highest classification of the best wines in Italy. 

The buyer wasn’t disclosed but described as an “important international family office” in a press release. A further description in Italy’s based WineNews said: the buyer comprised “families of entrepreneurs from different continents”. 

Until the sale, the estate was owned by Massimo and Chiara Ferragamo, who bought it in 2003 and created the now-famous resort linked to the estate. In an article about the resort in Vogue in 2017, it was described as “…about as close as you can get to living out your Under the Tuscan Sun fantasy”, a reference to the 2003 romantic film set in the Italian region. 

Massimo is the youngest son of Salvatore Ferragamo, the founder of the eponymous luxury Italian retail group. 

The buyer can only be speculated about, but WineNews said it wasn’t the luxury brand group LVMH, which owns numerous wine and champagne estates worldwide. 

A group that might fit the bill and with the money to afford such an estate is MSD Partners, the Michael Dell-owned family office that co-invests with other wealthy families. New York City-based MSD Partners has been particularly acquisitive in recent months. MSD is an “important international family office” that works with other families.

The group also has an active real estate division – MSD Real Estate – that, according to its website, has committed approximately $2.5 billion to the sector with “more than 35 real estate and real estate-related transactions”.  

MSD Partners has bought similar resorts, including Naples Beach Club in Florida last year and the iconic Boca Raton Resort & Club in the same state in 2019. 

That said, many other family offices could also be behind the deal, and at the time of writing MSD Partners had not gotten back to Family Capital on whether or not they were the buyer. 

 

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