Tuscan villa with scope for hotel to utilise new auction platform

INOM Luxury Auctions, the first Italian platform for buying and selling luxury properties using the auction method, is putting a 7,000 sq m Renaissance villa in Tuscany “under the hammer” in February 2025.

INOM stated that the building, Villa del Barone located in Montemurlo outside Florence, is an opportunity for an investor to develop a luxury hotel and congress centre.

The 16th century villa with two outbuildings has a 1,650 sq m garden and three hectares of land.

The interior, which has copies of eighteenth-century classical works, has a gallery with an arched entrance, Tuscan columns and classical entablature and a room containing paintings of marine subjects, also has the remains of an 18th-century nymphaeum in the garden.

The size of the interior would enable the construction of about 30 rooms in addition to conference space and a spa, while outdoors there is scope for the development of a wellness area surrounded by greenery.

A restoration project which respects the history and architectural features of the villa has already commenced and work to consolidate the building’s foundations and floors has been completed. The building has been re-roofed, some rooms have been renovated and reinforced concrete structures have been built to provide a staircase and elevator shaft for the proposed congress centre.

“Villa del Barone has all the potential to become a top hospitality project in the heart of Tuscany,” said Andrei Moiseev, founder and president of INOM Luxury Auctions. “Investing in this Villa means investing in a constantly growing sector that is increasingly looking for solutions to meet the continuing demand for exclusive hospitality in luxury facilities.”

While auctions are widely regarded as being the go-to method of selling works of art and rare automobiles, applying the auction process to the sale of real estate is not an option everywhere and in Italy start-up company INOM Luxury Auctions became the first platform for the purchase and sale of luxury properties by auction when it was established in 2022.

“From yachts to works of art, from classic cars to antiques, auction has long been an established sales channel for luxury goods. INOM takes up an unusual challenge for the Italian real estate scene, where the auction mechanism is traditionally associated with the judiciary. We apply the auction model to luxury properties in a transparent, smart and easily accessible way thanks to a mix of expertise, confidentiality and technological innovation,” Moiseev explained.

He added that the most prestige properties often remain on the market for a long time because of bad pricing policies or outdated marketing strategies, or they are sold quickly but without obtaining the best price.

“The auction methodology circumscribes the sale within a well-defined timeframe and selects the most motivated buyers who, thanks to a competitive starting price, can seize a unique opportunity. Transparency is total and the outcome of the auction is a direct result of the market response,” Moiseev said.

Inevitably, much of the effort occurs well before bidding begins and entails the creation of digital content, staging events and visits to the property. INOM’s digital platform is intended to provide maximum transparency using proprietary algorithms.

The auction occurs in stages: initially INOM performs technical and bureaucratic checks, prepares marketing content and develops a strategy and initiates the international exposure of the property. Potential buyers have to register for the auction providing both data and an initial bid, which can be increased during the auction. A returnable deposit is also placed in an escrow account with a notary public to establish the seriousness and veracity of the bid.

Bidders can choose whether to be physically present at the auction, or to participate online via INOM’s platform. But regardless of which mode is used, each participant will see bids made in real time.

INOM provides for two types of auctions: those with a reserve – the threshold below which the vendor will not sell – or those without. If the closing bid is below the reserve, the seller has 30 days to opt to accept the highest bid anyway.

The auction of Villa del Barone will be held from 19 to 26 February 2025.